By Lisa Kerner
Charlotte, N.C., Jan. 14 – Four Oaks Fincorp, Inc. privately placed $11.5 million of 6¼% subordinated promissory notes due Nov. 30, 2025.
Interest on the notes is payable quarterly, according to a news release.
The notes are prepayable at any time after Nov. 30, 2020.
Proceeds were used to prepay the company’s outstanding subordinated promissory notes issued in 2009 that had an annualized rate of 8½%.
“With the completion of this refinancing, the company has secured more attractively priced long-term capital for the bank while retaining a core group of the same note investors from our 2009 offering,” Four Oaks president and chief executive officer David Rupp said in the news release.
The holding company for Four Oaks Bank & Trust Co. is based in Four Oaks, N.C.
| Issuer: | Four Oaks Fincorp, Inc.
|
| Issue: | Subordinated promissory notes
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| Amount: | $11.5 million
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| Coupon: | 6¼%
|
| Maturity: | Nov. 30, 2025
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| Call option: | At any time after Nov. 30, 2020
|
| Distribution: | Private placement
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