By Devika Patel
Knoxville, Tenn., Aug. 6 – Regent Capital Corp. settled a $20 million private placement of 4% 10-year fixed-to-floating rate subordinated notes, according to a press release.
Piper Sandler & Co. was the agent.
Interest accrues at 4% per year for the first five years. From then onwards, the notes will bear interest at a floating rate equal to SOFR plus 342 basis points. There is a 0% SOFR floor on the floating rate.
The notes qualify as tier 2 capital for regulatory purposes.
Proceeds will be used for general corporate purposes, including the repayment of a line of credit, redemption of outstanding debt and support for organic growth and capital ratios.
The holding company for Regent Bank is based in Tulsa, Okla.
| Issuer: | Regent Capital Corp.
|
| Issue: | Fixed-to-floating rate subordinated notes
|
| Amount: | $20 million
|
| Maturity: | Aug. 1, 2031
|
| Coupon: | 4% until Aug. 1, 2026, then at SOFR plus 342 bps
|
| Call: | On or after Aug. 1, 2026
|
| Agent: | Piper Sandler & Co.
|
| Announcement date: | Aug. 6
|
| Distribution: | Private placement
|
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