E-mail us: service@prospectnews.com Or call: 212 374 2800
Bank Loans - CLOs - Convertibles - Distressed Debt - Emerging Markets
Green Finance - High Yield - Investment Grade - Liability Management
Preferreds - Private Placements - Structured Products
 
Published on 9/18/2015 in the Prospect News Private Placement Daily.

New Issue: Atlantic Capital to place $50 million 10-year fixed-to-floating notes

By Lisa Kerner

Charlotte, N.C., Sept. 18 – Atlantic Capital Bancshares, Inc. agreed on Sept. 14 to place $50 million of fixed-to-floating rate subordinated notes due Sept. 30, 2025.

The transaction is expected to close on Sept. 28, according to a form 8-K filed with the Securities and Exchange Commission.

Proceeds are expected to be used to fund about $47 million to $55 million of the cash consideration to be paid to shareholders of First Security Group, Inc. in connection with the merger of First Security with and into Atlantic Capital.

From and including Sept. 28, 2015 to but excluding Sept. 30, 2020, the notes will bear interest at the rate of 6.25% per year and will be payable semiannually in arrears on March 30 and Sept. 30 of each year, beginning on March 30, 2016.

From and including Sept. 30, 2020 to the maturity date or early redemption date, the notes will bear interest at a variable rate per year equal to Libor plus 468 basis points, payable quarterly in arrears on March 30, June 30, Sept. 30 and Dec. 30 of each year.

The notes will rank pari passu with all of Atlantic Capital’s future subordinated debt and will be junior to all of Atlantic Capital’s existing and future senior debt, the filing stated.

From and after Sept. 30, 2020, Atlantic Capital will be able to redeem the notes, in whole or in part, at its option, in accordance with the note terms.

Based in Atlanta, Atlantic Capital Bancshares is the parent company of Atlantic Capital Bank.

Issuer:Atlantic Capital Bancshares, Inc.
Issue:Subordinated notes
Amount:$50 million
Coupon:6.25% to but excluding Sept. 30, 2020; Sept. 30, 2020 through maturity Libor plus 468 bps
Maturity:Sept. 30, 2025
Distribution:Private placement
Pricing date:Sept. 14
Settlement date:Sept. 28

© 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.