By Devika Patel
Knoxville, Tenn., May 29 – Blue Ridge Bankshares, Inc. issued $15 million of 10-year fixed-to-floating rate subordinated notes in a private placement with a lone institutional investor on May 28 according to an 8-K filed with the Securities and Exchange Commission.
The notes bear interest at a rate of 6% per year to but excluding June 1, 2025, payable semiannually in arrears.
From and including June 1, 2025 to the maturity date or any early redemption date, the interest rate on the notes will be reset quarterly to an interest rate per year equal to SOFR plus 587 basis points, payable quarterly in arrears.
The bank holding company is based in Luray, Va.
| Issuer: | Blue Ridge Bankshares, Inc.
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| Issue: | Subordinated notes
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| Amount: | $15 million
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| Maturity: | June 1, 2030
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| Coupon: | Initially 6%; beginning June 1, 2025, resets to SOFR plus 587 bps
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| Call: | Callable on any scheduled interest payment date beginning on June 1, 2025
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| Settlement date: | May 28
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| Distribution: | Private placement
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