ST. PAUL, Minn., July 12, 2021 /PRNewswire/ — Plato Holdings, Inc., the parent company of Drake Bank, announced the closing of its privately placed $5 million fixed-to-floating rate subordinated debentures. The Plato Holdings, Inc. 2021 Series A Subordinated Debentures (CUSIP US 72767WAA99) have a maturity date of July 1, 2031, and carry a fixed rate of interest of 4.125% for the first five years. After that, the debentures will pay interest at a floating rate, reset quarterly, equal to the then-current three-month SOFR plus 330 basis points. The debentures may be redeemed at the option of Plato Holdings, Inc., without penalty, on or after July 1, 2026.
