By Wendy Van Sickle
Columbus, Ohio, June 30 – Heritage Southeast Bancorporation, Inc. completed a private placement of $20 million of fixed-to-floating rate subordinated notes due 2030, according to a news release.
The notes pay a fixed rate of interest at 6% for the first five years and then switch to a floating rate of SOFR plus 563 basis points.
The notes are callable at par after five years.
The notes qualify as tier 2 capital.
Proceeds will be used for general corporate purposes.
Heritage Southeast Bancorporation is a Jonesboro, Ga., bank holding company.
| Issuer: | Heritage Southeast Bancorporation, Inc.
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| Issue: | Tier 2 fixed-to-floating rate subordinated notes
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| Amount: | $20 million
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| Maturity: | June 30, 2030
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| Coupon: | 6%; from June 30, 2025 at SOFR plus 563 bps
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| Call: | Starting June 30, 2025 and on subsequent interest payment dates at par
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| Distribution: | Private placement
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| Settlement date: | June 30
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