By James McCandless
San Antonio, Nov. 21 – Triumph Bancorp, Inc. sold a $39.5 million offering of fixed-to-floating rate subordinated notes due 2029 with an initial coupon of 4.875%, according to a press release.
There is no greenshoe.
The deal was announced Thursday morning.
Keefe, Bruyette & Woods, Inc. is the bookrunner.
The dividend is fixed until Nov. 27, 2024, then converts to a floating rate plus 333 basis points.
The notes are non-callable for the first five years and then are callable at par on any interest payment date.
The company plans to use the proceeds for general corporate purposes, which may include repurchasing its securities (including its common stock), extending credit to, or funding investments in, its subsidiaries and repaying, reducing or refinancing debt.
Triumph is a Dallas-based financial holding company.
| Issuer: | Triumph Bancorp, Inc.
|
| Description: | Fixed-to-floating rate subordinated notes
|
| Amount: | $39.5 million
|
| Maturity: | 2029
|
| Bookrunner: | Keefe, Bruyette & Woods, Inc.
|
| Coupon: | 4.875% until Nov. 27, 2024, then converts to a floating rate plus 333 bps
|
| Call: | After five years on any interest payment date
|
| Pricing date: | Nov. 21
|
| Settlement date: | Nov. 27
|
| Distribution: | SEC registered
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