By Taylor Fox
New York, Sept. 21 – Pinnacle Financial Partners, Inc. subsidiary Pinnacle Bankshares Corp. priced an $8 million private placement of fixed-to-floating-rate subordinated notes due Sept. 30, 2030.
The notes will bear a fixed interest rate of 5.25% until Sept. 30, 2025, after which they will bear floating interest equal to SOFR plus 513 basis points.
Pinnacle Bank may redeem the notes at par on any interest payment date beginning Sept. 30, 2025 or upon the occurrence of certain specified events, according to a press release.
Proceeds will be used to pay a portion of the cash consideration to be paid in connection with its pending merger with Virginia Bank Bankshares, Inc., if consummated, and to provide optionality for various growth opportunities and for general corporate purposes.
Performance Trust Capital Partners, LLC is placement agent.
Nashville-based Pinnacle is a bank holding company.
| Issuer: | Pinnacle Bank
|
| Issue: | Fixed-to-floating-rate subordinated notes
|
| Amount: | $8 million
|
| Maturity: | Sept. 30, 2030
|
| Coupon: | Initially 5.25%, payable semiannually; beginning Sept. 30, 2025, SOFR plus 513 bps
|
| Price: | Par
|
| Call option: | At par on any interest payment date beginning Sept. 30, 2025
|
| Pricing date: | Sept. 18
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
