By James McCandless
San Antonio, Oct. 8 – Origin Bancorp, Inc. priced an $80 million offering of $1,000-par fixed-to-floating rate subordinated notes (Kroll: BBB-) due Nov. 1, 2030 at par, according to an FWP filing with the Securities and Exchange Commission.
There is no greenshoe.
Stephens Inc. is the bookrunner.
Coupons are payable on May 1 and Nov. 1, becoming payable on Feb. 1, May 1, Aug. 1 and Nov. 1 after the coupon changes to a floating rate.
On Nov. 1, 2025, the coupon converts to a floating rate of the three-month SOFR plus 432 basis points.
The notes are redeemable on or after Nov. 1, 2025. Prior to that, the notes are redeemable after a tax event, a tier 2 capital event or if the company is required to register as an investment company at par.
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.
| Issuer: | Origin Bancorp, Inc.
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| Description: | Fixed-to-floating rate subordinated notes
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| Amount: | $80 million
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| Maturity: | Nov. 1, 2030
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| Bookrunner: | Stephens Inc.
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| Coupon: | 4.5% until Nov. 1, 2025, then converts to a floating rate of the three-month SOFR plus 432 bps
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| Price: | Par of $1,000
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| Yield: | 4.5%
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| Call: | On or after Nov. 1, 2025; prior to that, after a tax event, a tier 2 capital event or if the company is required to register as an investment company at par
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| Pricing date: | Oct. 8
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| Settlement date: | Oct. 16
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| Rating: | Kroll: BBB-
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| Distribution: | SEC registered
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