UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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Item 8.01. Other Events
On August 12, 2021, Republic Bancorp, Inc. (the “Company”) submitted a redemption notice to the trustee to redeem $40,000,000 of trust preferred securities of Republic Bancorp Capital Trust (the “Trust”), dated August 16, 2005. The trust preferred securities are being redeemed, along with $1,240,000 in common securities issued by the Trust and held by the Company, as a result of the concurrent redemption of 100% of the Company’s junior subordinated notes due September 30, 2035 and held by the Trust, which underlie the trust preferred securities. The redemption price for the junior subordinated notes will be equal to 100% of the principal amount plus accrued interest up to, but not including, the redemption date. The proceeds from the redemption of the junior subordinated notes will be simultaneously applied to redeem all of the outstanding common securities and the outstanding trust preferred securities at a price of 100% of the aggregate liquidation amount of the trust preferred securities plus accumulated but unpaid distributions up to, but not including, the redemption date. The redemption is pursuant to the optional redemption provisions of the underlying indenture and is expected to occur on September 30, 2021.
Forward-Looking Statements
This Current Report on Form 8-K contains forward-looking statements. Forward looking statements can be identified by words such as “intends,” “anticipated,” “expected,” “believes,” “may,” “likely,” “will” or other words or phrases that indicate future periods. Examples of such forward-looking statements include, among others, the expected timing of the redemption of the trust preferred securities. Such forward-looking statements are subject to risks, uncertainties, and other factors, including a change in our capital position, the timing of actions by or on behalf of the property trustee of the trust preferred securities, a downturn in the economy, particularly in our markets, volatile credit and financial markets, regulatory changes and excessive loan losses, as well as additional risks and uncertainties contained in the “Risk Factors” and forward-looking statements disclosure contained in our most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, any or all of which could cause actual results to differ materially from future results expressed or implied by such forward-looking statements. The inclusion of this forward-looking information should not be construed as a representation by us or any person that future events, plans, or expectations contemplated by us will be achieved. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Republic Bancorp, Inc. | ||
(Registrant) | ||
Date: August 13, 2021 | By: | /s/ Kevin Sipes |
Executive Vice President, Chief Financial Officer & Chief Accounting Officer |
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