By Stephanie N. Rotondo
Seattle, June 23 – Pacific Continental Corp. sold $35 million of 5.875% fixed-to-floating rate subordinated notes due June 30, 2026 (Kroll: BBB), the company said in an FWP filed with the Securities and Exchange Commission on Thursday.
Sandler O’Neill + Partners LP is the bookrunner.
The interest rate will be fixed until June 30, 2021, at which point it will float at Libor plus 471.5 basis points. Interest is payable semiannually while fixed and quarterly while floating.
The notes become redeemable on or after June 30, 2021 at par plus accrued interest. The notes can also be redeemed in the event of a tax law or regulatory capital change, or if the company is required to register as an investment company under the Investment Company Act of 1940.
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.
| Issuer: | Pacific Continental Corp.
|
| Securities: | Fixed-to-floating rate subordinated notes
|
| Amount: | $35 million
|
| Maturity: | June 30, 2026
|
| Bookrunner: | Sandler O’Neill + Partners LP
|
| Coupon: | Fixed at 5.875% until June 30, 2021, then floating at Libor plus 471.5 bps
|
| Price: | Par of $1,000
|
| Yield: | 5.875%
|
| Call options: | On or after June 30, 2021 or upon a tax law or regulatory capital change, or if the company is required to register as an investment company under the Investment Company Act of 1940 at par plus accrued interest
|
| Pricing date: | June 22
|
| Settlement date: | June 27
|
| Rating: | Kroll: BBB
|
| Cusip: | 69412VAA6
|
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