By Devika Patel
Knoxville, Tenn., Dec. 14 – Allegiance Bank completed a $40 million private placement of 10-year fixed-to-floating rate subordinated notes due Dec. 15, 2027, according to a press release.
The debt accrues interest at 5.25% until (but excluding) Dec. 15, 2022 and then at a rate equal to Libor plus 303 basis points.
The notes are callable at par on Dec. 15, 2022.
Proceeds will be used to support growth and for general corporate purposes.
The bank is based in Houston.
| Issuer: | Allegiance Bank
|
| Issue: | Fixed-to-floating rate subordinated notes
|
| Amount: | $40 million
|
| Maturity: | Dec. 15, 2027
|
| Coupon: | 5.25% until (but excluding) Dec. 15, 2022 and then Libor plus 303 bps
|
| Price: | Par
|
| Call: | On Dec. 15, 2022 at par
|
| Settlement date: | Dec. 14
|
| Distribution: | Private placement
|
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