By Wendy Van Sickle
Columbus, Ohio, Sept. 29 – South Plains Financial, Inc. settled a $50 million private placement of 4.5% fixed-to-floating rate subordinated notes due Sept. 30, 2030, according to a press release. Piper Sandler & Co. is the agent.
Interest accrues at 4.5% per year for the first five years. From Sept. 30, 2025 onwards, the notes will bear interest at a floating rate equal to SOFR plus 438 basis points.
The notes are redeemable after five years.
Proceeds will be used for general corporate purposes.
The parent company for City Bank is based in Lubbock, Tex.
| Issuer: | South Plains Financial, Inc.
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| Issue: | Fixed-to-floating rate subordinated notes
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| Amount: | $50 million
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| Maturity: | Sept. 30, 2030
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| Agent: | Piper Sandler & Co.
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| Coupon: | 4.5% until Sept. 30, 2025, then at SOFR plus 438 bps
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| Call: | On or after Sept. 30, 2025
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| Announcement date: | Sept. 29
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| Distribution: | Private placement
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