By Devika Patel
Knoxville, Tenn., April 1 – Valley Republic Bancorp said it has settled a $20 million private placement of 10-year 6% fixed-to-floating rate subordinated notes (Egan-Jones: BBB+) due March 29, 2029. Performance Trust Capital Partners, LLC was the agent.
Interest accrues at 6% per year until March 29, 2024. From March 29, 2024 onwards, the notes will bear interest at a floating rate equal to Libor plus 352 basis points.
The notes are redeemable in whole or in part at par on or after March 29, 2024.
Proceeds will be used to support growth and for general corporate purposes.
The parent company of Valley Republic Bank is based in Bakersfield, Calif.
| Issuer: | Valley Republic Bancorp
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| Issue: | Fixed-to-floating rate subordinated notes
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| Amount: | $20 million
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| Maturity: | March 29, 2029
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| Coupon: | 6% until March 29, 2024, then at Libor plus 352 bps
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| Call feature: | In whole or in part at par beginning March 29, 2024
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| Agent: | Performance Trust Capital Partners, LLC
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| Announcement date: | April 1
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| Distribution: | Private placement
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| Ratings: | Egan-Jones: BBB+
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