By Wendy Van Sickle
Columbus, Ohio, Sept. 24 – Sierra Bancorp sold $50 million of 3.25% fixed-to-floating rate subordinated notes due Oct. 1, 2031 (Kroll: BBB-) in a private placement, according to an 8-K filing with the Securities and Exchange Commission.
The notes will bear interest at 3.25% for the first five years. Starting Oct. 1, 2026, interest will accrue at a rate equal to SOFR plus 253.5 basis points.
The notes are redeemable at par plus interest on any quarterly interest payment date after five years.
Proceeds will be used for general corporate purposes.
The bank holding company is based in Porterville, Calif.
| Issuer: | Sierra Bancorp
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| Issue: | Fixed-to-floating rate subordinated notes
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| Amount: | $50 million
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| Maturity: | Oct. 1, 2031
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| Coupon: | 3.25% for five years, then SOFR plus 253.5 bps
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| Call option: | After five years quarterly at par
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| Rating: | Kroll: BBB-
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| Issue date: | Sept. 24
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| Distribution: | Private placement
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