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Southern BancShares (N.C.), Inc. Announces Completion Of $80 Million Subordinated Debt Offering
Southern BancShares (N.C.), Inc. Announces Completion Of $80 Million Subordinated Debt Offering.
About this update from Southern Bancshares (n.c.), Inc.
[{"type":"text","content":"\n\n\n\nSouthern BancShares (N.C.), Inc. Announces Completion Of $80 Million Subordinated Debt Offering\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prngen2{\nBORDER-TOP:black 0pt; BORDER-RIGHT:black 0pt; BORDER-BOTTOM:black 0pt; PADDING-LEFT:0.50em; BORDER-LEFT:black 0pt; PADDING-RIGHT:0.50em\n}\n.prnbcc{\nBORDER-TOP-COLOR:; BORDER-COLLAPSE: COLLAPSE; BORDER-LEFT-COLOR:; BORDER-BOTTOM-COLOR:; BORDER-RIGHT-COLOR:\n}\n\n\n\n\n\n\nSouthern BancShares (N.C.), Inc. Announces Completion Of $80 Million Subordinated Debt Offering\nPR Newswire\nMOUNT OLIVE, N.C., June 23, 2021\n\n\n\nMOUNT OLIVE, N.C., June 23, 2021 /PRNewswire/ -- Southern BancShares (N.C.), Inc. (the \"Company\") (OTC Pink: SBNC), the holding company for Southern Bank and Trust Company (the \"Bank\"), announced today that it has completed the private placement of $80 million of 3.125% Fixed-to-Floating Rate Subordinated Notes due 2031 (the \"Notes\") to qualified institutional buyers and accredited investors. Until June 30, 2026, the Notes will bear interest at a fixed annual rate of 3.125%, payable semi-annually in arrears. Thereafter, the Notes will bear interest at a floating rate equal to the three-month term SOFR plus 241 basis points, payable quarterly in arrears.\nThe Notes are structured to qualify as Tier 2 capital for regulatory purposes. The Company intends to use the net proceeds of the offering for general corporate purposes. The Company may redeem the Notes in whole or in part, beginning on June 30, 2026, at a redemption price equal to 100% of the principal amount of the Notes redeemed, plus accrued and unpaid interest. Note holders have no redemption rights.\nRaymond James & Associates, Inc. served as the exclusive placement agent for the Notes offering. Ward and Smith, P.A. served as legal counsel to the Company and Wyrick Robbins Yates & Ponton LLP served as legal counsel to the placement agent.\nThis press release is for informational purposes only and shall not constitute an offer to sell or the solicitation of an offer to buy any securities. The notes...