United Community offers $25-par non-cumulative preferred stock

By James McCandless

San Antonio, June 3 – United Community Banks, Inc. plans to price an offering of $25-par series I non-cumulative preferred stock, according to a 424B3 filing with the Securities and Exchange Commission.

Keefe, Bruyette & Woods, Inc., BofA Securities, Inc., Morgan Stanley & Co. LLC and Wells Fargo Securities, LLC are the bookrunners.

Dividends are payable on March 15, June 15, Sept. 15 and Dec. 15, starting on Sept. 15, 2020.

The preferreds are redeemable on or after Sept. 15, 2025 at par. Prior to that, the preferreds are redeemable within 90 days after a regulatory capital event at par.

United Community Banks plans to use the proceeds for general corporate purposes, which may include funding its bank and non-bank subsidiaries, financing business expansion through mergers and acquisitions or otherwise, refinancing or extending the maturity of debt obligations, investments at the holding company level and stock repurchases.

The company plans to list the preferreds on the Nasdaq under the symbol “UCBIO.”

United Community Banks is a Blairsville, Ga.-based bank holding company.

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