By Lisa Kerner
Charlotte, N.C., Oct. 4 - United Community Banks, Inc. completed a private placement of $35 million total principal amount of 9% senior notes due 2017 on Wednesday.
The notes were sold to three institutional purchasers at par, according to an 8-K filing with the Securities and Exchange Commission.
Sandler O'Neill & Partners, LP was the placement agent.
The notes are not redeemable.
Proceeds will be used primarily to repay $30.5 million of subordinated debt that matures on Dec. 15, 2012 and for general corporate purposes.
United Community Banks is the bank holding company for United Community Bank. It is based in Blairsville, Ga.
| Issuer: | United Community Banks, Inc.
|
| Issue: | Senior notes
|
| Amount: | $35 million
|
| Maturity: | Oct. 15, 2017
|
| Coupon: | 9%
|
| Price: | Par
|
| Agent: | Sandler O'Neill & Partners, LP
|
| Settlement date: | Oct. 3
|
| Distribution: | Private placement
|
© 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.
