By Wendy Van Sickle
Columbus, Ohio, Dec. 13 – Reliant Bancorp, Inc. completed a $60 million private placement of 5.125% fixed-to-floating subordinated notes (Kroll: BBB-) to institutional accredited investors, according to a news release.
Interest is fixed at 5.125% until Dec. 15, 2024, when the rate will equal the three-month SOFR plus 376.5 basis points with a SOFR floor of zero.
The notes will be callable after five years.
Sandler O’Neill + Partners, LP is the lead placement agent.
Reliant Bancorp intends to use the net proceeds from this to pay the cash consideration for previously announced pending acquisitions, to support organic growth, including maintenance of bank level capital ratios, and for general corporate purposes.
The notes were structured to qualify as tier 2 capital for the company.
Reliant Bancorp is the Brentwood, Tenn.-based bank holding company for Reliant Bank.
| Issuer: | Reliant Bancorp, Inc.
|
| Issue: | Subordinated notes
|
| Amount: | $60 million
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| Lead placement agent: | Sandler O’Neill + Partners, LP
|
| Co-placement agents: | Hovde Group, LLC and Keefe, Bruyette & Woods, Inc.
|
| Coupon: | 5.125% until Dec. 15, 2024, then three-month SOFR plus 376.5 bps with SOFR floor of zero
|
| Call option: | Callable on or after Dec. 15, 2024
|
| Settlement date: | Dec. 13
|
| Rating: | Kroll: BBB-
|
| Distribution: | Private placement
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