Chicago, Dec. 15 – GBank Financial Holdings Inc. completed a $20 million private placement of 3.875% fixed-to-floating-rate subordinated notes due 2031, according to a press release.
GBank is the parent company for Bank of George.
The notes are structured as tier 2 capital for GBank for regulatory capital purposes.
The interest rate of 3.875% becomes a floating rate starting Dec. 15, 2026. After that date, the interest will reset quarterly to SOFR plus 289 basis points.
Any redemption will be at par plus unpaid interest.
Piper Sandler & Co. was the placement agent.
Proceeds will be used for general corporate purposes.
GBank is a bank holding company based in Las Vegas.
| Issuer: | GBank Financial Holdings Inc.
|
| Amount: | $20 million
|
| Issue: | Fixed-to-floating-rate subordinated notes
|
| Maturity: | 2031
|
| Bookrunners: | Piper Sandler & Co.
|
| Counsel to issuer: | Sklar Williams PLLC and Hunton Andrews Kurth
|
| Counsel to bookrunners: | Dickinson Wright PLLC
|
| Coupon: | 3.875% starting rate until Dec. 15, 2026; after that resets quarterly at SOFR plus 289 bps
|
| Call features: | At par
|
| Settlement date: | Dec. 14
|
| 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.
