By Devika Patel
Knoxville, Tenn., June 16 – Preferred Bank (Kroll: BBB+) sold $150 million of 3.375% fixed-to-floating rate subordinated notes due 2031 at par, according to a press release.
The notes bear interest at a fixed rate initially and then carry a floating-rate coupon.
Piper Sandler Co. was the bookrunner.
Proceeds will be used to redeem $100 million of the bank’s 2016 fixed-to-floating rate subordinated debentures and for general corporate purposes.
The independent commercial bank is based in Los Angeles.
| Issuer: | Preferred Bank
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| Amount: | $150 million
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| Description: | Fixed-to-floating rate subordinated notes
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| Maturity: | 2031
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| Bookrunner: | Piper Sandler Co.
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| Co-managers: | Raymond James & Associates, Inc., Stephens Inc. and B. Riley Securities, Inc.
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| Coupon: | 3.375% initially, then a floating rate
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| Price: | Par
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| Announcement date: | June 16
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| Rating: | Kroll: BBB+
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