By Taylor Fox
New York, Aug. 12 – Oconee Financial Corp. sold $10 million of fixed- to floating-rate subordinated notes due 2030 to qualified institutional investors through a private placement, according to a news release on Wednesday.
The notes have an initial interest rate of 6% and become callable on Aug. 7, 2025 starting on which date the coupon will reset quarterly at SOFR plus 596 basis points.
The placement agent was Performance Trust Capital Partners, LLC.
Proceeds will be used to support organic growth, and for general corporate purposes.
Oconee is a Watkinsville, Ga., operator of four full-service branches and one limited-service loan production offices.
| Issuer: | Oconee Financial Corp.
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| Issue: | Fixed-to-floating rate subordinated notes
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| Amount: | $10 million
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| Maturity: | Aug. 7, 2030
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| Placement agent: | Performance Trust Capital Partners, LLC
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| Coupon: | 6% for first five years, then resets quarterly at SOFR plus 596 bps
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| Call option: | Callable after five years
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| Announcement date: | Aug. 12
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| Distribution: | Private placement
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