Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers S > Headlines for Stellar Bancorp, Inc. > News item |
Stellar Bancorp gets $75 million line of credit via Frost Bank
By Mary-Katherine Stinson
Lexington, Ky., Dec. 16 – Stellar Bancorp, Inc. entered a third amended and restated credit agreement on Dec. 13 with lender Frost Bank, according to an 8-K filed Thursday with the Securities and Exchange Commission.
The amended agreement provides a $75 million revolving line of credit maturing Dec. 13, 2024. It was undrawn at closing.
Borrowings will bear interest at the Prime rate subject to a 3.5% floor.
There are no prepayment penalties.
The agreement is collateralized by the bank’s interest in Allegiance Bank, the company’s wholly owned subsidiary.
The amended agreement amends and restates in its entirety the company's second amended and restated loan agreement dated as of Dec. 13, 2019.
Proceeds will be used to repurchase capital stock, finance acquisitions and other general corporate purposes, including capital augmentation.
Houston-based Stellar is a bank holding company that provides commercial banking services.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.