By Wendy Van Sickle
Columbus, Ohio, Oct. 27 – Banc of California Inc. priced $85 million of 4.375% fixed-to-floating rate subordinated notes (Kroll: BBB-) on Tuesday, according to a news release.
Keefe, Bruyette & Woods is the bookrunner.
After five years, the coupon will reset to a rate based on SOFR plus 419.5 basis points.
Proceeds will be used for general corporate purposes, including possible redemption of the company’s 7.375% preferreds, series D, its 7% non-cumulative perpetual preferred stock, series E, the possible repurchase of shares of the its common stock, the maintenance of required regulatory capital and to support future growth.
The financial institution is based in Irvine, Calif.
| Issuer: | Banc of California Inc.
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| Securities: | Fixed-to-floating rate subordinated notes
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| Amount: | $85 million
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| Maturity: | Oct. 30, 2030
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| Bookrunner: | Keefe Bruyette & Woods
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| Co-managers: | D.A. Davidson & Co. and Piper Sandler & Co.
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| Coupon: | 4.375% initially, after five years will reset to SOFR plus 419.5 bps
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| Price: | Par
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| Pricing date: | Oct. 27
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| Settlement date: | Oct. 30
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| Rating: | Kroll: BBB-
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