By Devika Patel
Knoxville, Tenn., Nov. 8 – Veritex Holdings, Inc. settled $75 million private placement of 10-year 4.75% fixed-to-floating rate subordinated notes on Friday, according to an 8-K filed with the Securities and Exchange Commission.
Sandler O’Neill + Partners, LP was the agent, and Keefe, Bruyette & Woods, Inc. was co-placement agent.
Interest accrues at 4.75% per year until Nov. 15, 2024. From then onwards, the notes will bear interest at a floating rate equal to SOFR plus 347 basis points.
Proceeds will be used for general corporate purposes, including subordinated debt repayment and potential share repurchases.
The holding company for Veritex Community Bank is based in Dallas.
| Issuer: | Veritex Holdings, Inc.
|
| Issue: | Fixed-to-floating rate subordinated notes
|
| Amount: | $75 million
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| Maturity: | Nov. 15, 2029
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| Coupon: | 4.75% until Nov. 15, 2024, then SOFR plus 347 bps
|
| Call: | On any interest payment date on or after Nov. 15, 2024
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| Agents: | Sandler O’Neill + Partners, LP and Keefe, Bruyette & Woods, Inc. (co-placement agent)
|
| Settlement date: | Nov. 8
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| Distribution: | Private placement
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