Veritex to sell 10-year fixed-to-floating subordinated notes

By James McCandless

San Antonio, Sept. 30 – Veritex Holdings, Inc. plans to price an offering of $1,000-par fixed-to-floating rate subordinated notes due 2030, according to a 424B5 filing with the Securities and Exchange Commission.

Keefe, Bruyette & Woods, Inc. is the bookrunner.

The co-managers are Stephens Inc. and Raymond James & Associates, Inc.

Coupons are payable semiannually for five years, then switch to quarterly when the coupon converts to a floating rate.

The coupon is fixed for five years, then converts to a floating rate of the three-month SOFR plus a spread.

The notes are redeemable after five years at par. Prior to that, the notes are redeemable after a tax event, tier 2 capital event, or if the company is required to register as an investment company at par.

Veritex plans to use the proceeds for general corporate purposes.

The company does not plan to list the notes on any securities exchange.

Veritex is a Dallas-based bank holding company.

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