TriState Capital to sell more 5.75% 10-year fixed-to-floating notes

By James McCandless

San Antonio, May 28 – TriState Capital Holdings, Inc. plans to price an add-on to its fixed-to-floating rate subordinated notes due May 15, 2030 with a coupon of 5.75%, according to a 424B5 filing with the Securities and Exchange Commission.

The offering would supplement the $60 million of notes outstanding.

Stephens Inc., PNC Capital Market LLC and Raymond James & Associates, Inc. are the joint bookrunners.

The coupon is fixed until May 15, 2025, then converts to a floating rate equal to Libor plus 536 basis points.

Coupons are payable May 15 and Nov. 15 of each year during the fixed-rate period. Beginning May 15, 2025, the interest rate will be payable quarterly on Feb. 15, May 15, Aug.15 and Nov. 15.

TriState plans to use the proceeds for general corporate purposes, which may include working capital, repurchasing shares of its common stock, providing capital to support the organic growth of the bank or funding the opportunistic acquisition of similar or complementary financial service organizations or to repay outstanding debt.

The company does not plan to list the notes on any securities exchange.

TriState is a Pittsburgh-based bank holding company.

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