The Bancorp, Inc., today announced the completion of an underwritten offering and sale of its $200.0 million aggregate principal amount of 7.375% Senior Notes due 2030 (the “Notes”). The Notes were sold at par, resulting in net proceeds, after the underwriting discount, but before estimated transaction expenses, of approximately $197.0 million.
The Company intends to use the net proceeds of the offering (i) to redeem or repay at maturity all $100.0 million outstanding aggregate principal amount of its 4.75% Senior Notes due 2025, including to pay any applicable redemption premium, (ii) to fund its share repurchase program, and (iii) for general corporate purposes, which may include capital to support the growth of its wholly owned subsidiary, The Bancorp Bank, National Association.
The Notes were offered and sold pursuant to the Company’s registration statement on Form S-1 (Registration No. 333-289422) (the “Registration Statement”) filed with the U.S. Securities and Exchange Commission (the “SEC”) and declared effective on August 14, 2025, and a final prospectus thereto filed with the SEC on August 15, 2025. The Notes will mature on September 1, 2030, and interest is payable semi-annually in arrears on March 1 and September 1 of each year, commencing on March 1, 2026. The Notes are redeemable in whole or in part beginning on or after the 30th day prior to the maturity date, at 100% of the principal amount of the Notes, plus accrued and unpaid interest thereon to but excluding the date of redemption.
Piper Sandler & Co. and Raymond James & Associates, Inc. acted as book-running managers for the offering.
This press release shall not constitute an offer to sell or a solicitation of an offer to buy the Notes, nor shall there be any sale of the Notes in any state or other jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. The offer and sale of the Notes was made only by means of a prospectus relating to the offering. This document is available at no charge by visiting the SEC’s website at http://www.sec.gov or by contacting Piper Sandler & Co. by email at fsg-dcm@psc.com.
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