By Wendy Van Sickle
Columbus, Ohio, Feb. 6 – Origin Bank completed a placement of $70 million of 4.25% 10-year fixed-to-floating rate subordinated notes, according to a news release Thursday.
After five years, interest will float at a rate equal to Libor plus 282 basis points.
The notes will be callable in whole or in part on or after Feb. 15, 2025.
Stephens Inc. acted as the placement agent.
Origin plans the notes to qualify as tier 2 capital for regulatory capital purposes and intends to use proceeds for general corporate purposes.
The Ruston, La.-based bank is a subsidiary of Origin Bancorp, Inc.
| Issuer: | Origin Bank
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| Issue: | Fixed-to-floating rate subordinated notes
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| Amount: | $70 million
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| Maturity: | Feb. 15, 2030
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| Placement agent: | Stephens Inc.
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| Coupon: | 4.25% for first five years, then Libor plus 282 bps
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| Call option: | In whole or in part on or after Feb. 15, 2025
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| Settlement date: | Feb. 6
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| Distribution: | Private placement
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