By Wendy Van Sickle and Cristal Cody
Columbus, Ohio, Sept. 9 – Bank OZK priced an upsized $350 million offering of 2.75% 10-year fixed-to-floating rate subordinated notes on Thursday, according to a news release.
The notes were talked in the 3% area and with a $300 million issue size, according to a market source.
Interest will be fixed for the first five years, then will float at a rate based on a benchmark rate expected to be SOFR plus 209 basis points.
Piper Jaffray & Co. is the bookrunner.
Proceeds will be used for general corporate purposes.
Bank OZK is a regional bank with headquarters in Little Rock, Ark.
| Issuer: | Bank OZK
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| Issue: | Fixed-to-floating rate subordinated notes
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| Amount: | $350 million
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| Maturity: | Oct. 1, 2031
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| Bookrunner: | Piper Jaffray & Co.
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| Co-manager: | Crews & Associates, Inc.
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| Coupon: | 2.75% for five years, then benchmark rate expected to be SOFR plus 209 bps
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| Spread: | Treasuries plus 145 bps
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| Pricing date: | Sept. 9
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| Settlement date: | Sept. 16
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| Talk: | 3% area at $300 million issue size
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