Independent Bank sells $30 million fixed-to-floaters; Global Net Lease taps market

By Devika Patel

Knoxville, Tenn., Dec. 14 – Independent Bank Group Inc. priced $30 million of 5% 10-year fixed-to-floating rate subordinated notes (Kroll: BBB-) at par on Thursday via joint bookrunners Piper Jaffray & Co. and U.S. Bancorp Investments, Inc.

The McKinney, Texas-based bank’s notes bear interest at a fixed rate until Dec. 31, 2022 and then carry a coupon equal to Libor plus 283 basis points. The notes are redeemable in whole or in part at par plus interest on any interest payment date beginning Dec. 31, 2022.

Also, New York-based real estate investment trust Global Net Lease, Inc. priced a $25 million reopening of its 7.25% series A cumulative redeemable preferred shares with a $3.75 million over-allotment option via bookrunner BMO Capital Markets Corp.

The preferreds will have a $25.00 liquidation preference and will be redeemable on or after Sept. 12, 2022 at par plus accrued dividends. The issue can also be called upon a delisting event or change of control.

The securities are listed on the New York Stock Exchange under the ticker symbol “GNLPrA.”

Proceeds will be used to purchase additional properties which have not yet been identified and for general corporate purposes.

The company originally sold $100 million, or 4 million, of the preferreds with a $15 million over-allotment option in a sale that priced on Sept. 7 and settled on Sept. 12.

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