Pacific Continental plans $35 million sale of fixed-to-floating subordinated notes due 2026

By Stephanie N. Rotondo

Seattle, June 20 – Pacific Continental Corp. is offering $35 million of fixed-to-floating rate subordinated notes due 2026, the company said in a prospectus filed with the Securities and Exchange Commission on Monday.

Sandler O’Neill + Partners LP is the bookrunner.

The interest rate will be fixed until 2021, at which point it will float at Libor plus a spread. Interest is payable semiannually while fixed and quarterly while floating.

The notes become redeemable in 2021 at par plus accrued interest.

The Eugene, Ore.-based bank holding company will use the proceeds to pay related fees and expenses and for general corporate purposes, potential strategic acquisitions and investments in the bank as regulatory capital.

The notes will not be listed on any exchange.

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