Published on 6/1/2020 in the Prospect News Private Placement Daily.
New Issue: UB Bancorp places $25 million of 5% 10-year fixed-to-floating notes
By Devika Patel
Knoxville, Tenn., June 1 – UB Bancorp sold $25 million of 5% 10-year fixed-to-floating notes in a private placement on May 29, according to a press release. Performance Trust Capital Partners, LLC was the agent.
Interest will accrue at 5% until May 30, 2025 and will then accrue at SOFR plus 464 basis points.
Proceeds will be used for general corporate purposes.
The parent of Union Bank is based in Greenville, N.C.
| Issuer: | UB Bancorp
|
| Issue: | Fixed-to-floating notes
|
| Amount: | $25 million
|
| Maturity: | May 29, 2030
|
| Coupon: | 5% until May 30, 2025, then SOFR plus 464 bps
|
| Agent: | Performance Trust Capital Partners, LLC
|
| Settlement date: | May 29
|
| Distribution: | Private placement
|
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