By Devika Patel
Knoxville, Tenn., April 29 - Security Bank Corp. said it took in $40 million from a private placement of subordinated notes.
The notes were issued to private equity funds managed by FSI Group, LLC. They carry a 9.5% coupon, are callable in five years and mature in 2018.
FSI Group also received a combination of stock appreciation rights and warrants to purchase common shares.
Proceeds will be used to retire holding company debt, with the remainder retained for general corporate purposes, including capital contributions to maintain its banks at well-capitalized levels.
Security Bank is a Macon, Ga., multi-bank holding company that provides lending services, including real estate.
| Issuer: | Security Bank Corp.
|
| Issue: | Subordinated notes
|
| Amount: | $40 million
|
| Maturity: | 2018
|
| Coupon: | 9.5%
|
| Call: | In five years
|
| Warrants: | Yes
|
| Investor: | FSI Group, LLC
|
| Settlement date: | April 29
|
| Stock symbol: | Nasdaq: SBKC
|
| Stock price: | $7.49 at close April 28
|
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