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Nutter Advises NB Bancorp, Inc. and Needham Bank on $100 Million Subordinated Notes Offering
Print PDFNutter served as legal counsel to NB Bancorp, Inc. (Nasdaq: NBBK) and its wholly-owned subsidiary, Needham Bank, in the company’s private placement of $100 million in aggregate principal amount of 7.50% Fixed-to-Floating Rate Subordinated Notes due 2036, which closed on November 6, 2026. The Nutter team was led by Michael Krebs, and included Jinal Sharma, Kate Henry, Jack Lowy, Dan Hartman, Suzanne Hamel, Andrew Tenzer, Ken Yoon, and Matt Snell.
The notes bear interest at a fixed rate of 7.50%, payable semiannually, for the first five years. After that, the rate resets quarterly to the then-current three-month Secured Overnight Financing Rate (SOFR) plus 305 basis points. Kroll Bond Rating Agency assigned the notes a rating of BBB-. NB Bancorp intends to use the net proceeds for general corporate purposes. In connection with the offering, the company entered into registration rights agreements with the purchasers, providing for the exchange of the notes for registered subordinated notes with substantially the same terms. Read more about the transaction.
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