By Wendy Van Sickle
Columbus, Ohio, June 12 – United Community Banks, Inc. priced a $100 million issue of 5% 10-year fixed-to-floating rate senior notes at par on Friday, according to a news release.
The notes bear interest at a fixed rate until June 15, 2025 and then carry a coupon equal to SOFR plus 487 basis points.
The notes are non-callable until June 15, 2025 and then are callable in whole at par plus accrued interest.
U.S. Bancorp Investments, Inc. and Morgan Stanley & Co. LLC are the bookrunners.
The company plans to use the proceeds for general corporate purposes.
The bank holding company is based in Greenville, S.C.
| Issuer: | United Community Banks, Inc.
|
| Amount: | $100 million
|
| Description: | Fixed-to-floating rate senior notes
|
| Maturity: | June 15, 2030
|
| Bookrunners: | U.S. Bancorp Investments, Inc. and Morgan Stanley & Co. LLC
|
| Coupon: | 5% until June 15, 2025, then floats at SOFR plus 487 bps
|
| Price: | Par
|
| Call feature: | Non-callable until June 15, 2025, then callable in whole at par plus interest
|
| Trade date: | June 12
|
| Settlement date: | June 17
|
| Distribution: | SEC registered
|
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