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Banc of California offers 10-year subordinated fixed-to-floaters
By Cristal Cody
Tupelo, Miss., Oct. 27 – Banc of California, Inc. is marketing fixed-to-floating rate subordinated notes due 2030 (Kroll: BBB-) on Tuesday, according to a 424B2 filing with the Securities and Exchange Commission.
The initial fixed-rate coupon will reset to a floating rate based off the SOFR benchmark.
Keefe, Bruyette & Woods is the bookrunner.
Co-managers are D.A. Davidson & Co. and Piper Sandler Co.
Proceeds of the $1,000-par notes will be used for general corporate purposes.
Banc of California is a financial holding company based in Santa Ana, Calif.
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