Pacific Premier to sell 10-year subordinated fixed-to-floating notes

By Devika Patel

Knoxville, Tenn., May 3 – Pacific Premier Bancorp, Inc. intends to price an offering of fixed-to-floating rate subordinated notes due 2029, according to a 424B5 filed with the Securities and Exchange Commission.

Interest will accrue at a fixed rate until 2024 and then at a rate based on Libor.

The notes are non-callable until 2024 and then are callable at par plus interest.

Keefe, Bruyette & Woods is the bookrunner, and D.A. Davidson & Co. and Sandler O’Neill + Partners, LP are the co-managers.

Proceeds will be used for general corporate purposes, including debt repayment and redemption of securities.

Pacific Premier, the holding company of Pacific Premier Bank, is based in Irvine, Calif.

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