United Community plans 10-year fixed-to-floaters via two bookrunners

By Devika Patel

Knoxville, Tenn., Jan. 9 – United Community Banks, Inc. intends to price fixed-to-floating rate subordinated notes due January 2028, according to a 424B5 filed with the Securities and Exchange Commission.

Interest will accrue at a fixed rate for the first five years and at a rate based on Libor after January 2023.

The notes are callable at par on any interest payment date beginning in July 2018.

Morgan Stanley & Co. LLC and Sandler O’Neill + Partners, LP are the bookrunners.

The company plans to use the proceeds to acquire NLFC Holdings Corp. and for general corporate purposes.

The bank holding company is based in Blairsville, Ga.

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