United Community Banks, Inc announces upsizing and pricing of subordinated debt
January 15, 2018
United Community Banks, Inc., the holding company of United Community Bank, announced the pricing of its underwritten public offering of $100,000,000 aggregate principal amount of 4.500% Fixed to Floating Rate Subordinated notes due January 30, 2028 (the “Notes”).
Due to market demand, United increased the aggregate amount of the Notes to $100.0 million from the previously announced amount of $85.0 million. The Notes will initially bear interest at a rate of 4.500% per annum, payable semi-annually in arrears, with interest commencing on the issue date, to, but excluding, January 30, 2023, and, thereafter, payable quarterly in arrears at an annual floating rate equal to three-month LIBOR as determined for the applicable quarterly period, plus 2.120%.
The Notes have been offered to the public at par. The offering is expected to close on or about January 18, 2018, subject to the satisfaction of customary closing conditions.
