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Origin Bancorp to sell 10-year fixed-to-floating subordinated notes
By James McCandless
San Antonio, Oct. 7 – Origin Bancorp, 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.
Stephens Inc. is the bookrunner.
Coupons are payable semiannually, becoming quarterly after the coupon changes to a floating rate.
After five years, the coupon converts to a floating rate of the three-month SOFR plus a spread.
The notes are redeemable after five years. Prior to that, the notes are redeemable upon a tax event, a tier 2 capital event or if the company is required to register as an investment company.
Origin plans to use the proceeds for general corporate purposes, which may include the support of Origin Bank’s balance sheet growth, the acquisition of other banks or financial institutions or other complementary businesses to the extent such opportunities arise, and the maintenance of its capital and liquidity ratios, and the ratios of Origin Bank, at acceptable levels.
The company will not be listed on any securities exchange.
Origin is a Ruston, La.-based bank holding company.
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