By Cristal Cody
Tupelo, Miss., March 7 – Ameris Bancorp priced $75 million of 5.75% fixed-to-floating rate subordinated notes due 2027 at par on Tuesday, according to a news release.
The notes have a fixed interest rate until March 15, 2022 and then will reset to a floating rate at then-current Libor plus 361.6 basis points.
Stephens Inc. was the bookrunner.
The Moultrie, Ga.-based bank holding company that conducts business primarily through Ameris Bank plans to use the proceeds to repay debt under its revolving credit agreement and for general corporate purposes.
| Issuer: | Ameris Bancorp
|
| Amount: | $75 million
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| Description: | Fixed-to-floating rate subordinated notes
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| Maturity: | 2027
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| Bookrunner: | Stephens Inc.
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| Co-manager: | Sandler O’Neill + Partners, LP
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| Coupon: | 5.75%; resets to floating rate March 15, 2022 at Libor plus 361.6 bps
|
| Price: | Par
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| Yield: | 5.75%
|
| Trade date: | March 7
|
| Settlement date: | March 13
|
| Distribution: | SEC registered
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