In the first use of AMERIBOR® in a debt deal, New York-based Signature Bank (Nasdaq: SBNY) announced the closing of $375 million aggregate principal amount of fixed-to-floating rate subordinated notes due in 2030. The notes will bear interest at 4% per annum, payable semi-annually. For the floating component, interest on the notes will accrue at three-month AMERIBOR® plus 389 basis points. The offering was handled by Stifel’s Keefe, Bruyette & Woods, and Piper Sandler.

“We are pleased to be the first institution to use AMERIBOR on a debt issuance. We are founders and early supporters of AFX. AMERIBOR is transparent, self-regulated and transaction- based, and we believe that it is already a suitable alternative as banks and other financial institutions transition away from LIBOR,” said Scott Shay, Chairman of the Board at Signature Bank.

“The first use of AMERIBOR in a debt offering marks a landmark moment for the Exchange and its members. This will pave the way for more debt deals and other types of financial products linked to the AMERIBOR benchmark, providing greater choice to all market participants. We applaud Signature Bank for their leadership role,” said Dr. Richard L. Sandor, chairman and founder of the AFX.

Currently AFX membership across the U.S. includes 161 banks, 1000 correspondent banks and 43 non-banks, which is comprised of insurance companies, broker-dealers, private equity firms, hedge funds, futures commission merchants, and asset managers. Member institutions have more than 3 trillion dollars in assets. For more information about AFX or AMERIBOR®, visit  www.ameribor.net.