Chicago, Aug. 19 – Oakworth Capital, Inc. closed on a $35 million private placement of fixed-to-floating rate subordinated notes due 2032, according to a press release.
The interest rate starts at 6% for the first five years and then resets quarterly thereafter at SOFR plus 327 basis points
The notes are redeemable, in whole or in part, starting on the fifth anniversary and then on any interest payment date thereafter.
Proceeds will be used for general corporate purposes, including investment Oakworth Capital Bank to fund growth.
Keefe, Bruyette & Woods served as sole placement agent.
Oakworth Capital, based in Birmingham, Ala., is a holding company for Oakworth Capital Bank.
Issuer: | Oakworth Capital, Inc.
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Amount: | $35 million
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Issue: | Fixed-to-floating rate subordinated notes
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Maturity: | Sept. 1, 2032
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Placement agent: | Keefe, Bruyette & Woods
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Counsel to issuer: | Maynard, Cooper & Gale, PC
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Counsel to underwriters: | Covington & Burling LLP
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Coupon: | 6% initial rate; resets on fifth anniversary and then quarterly at SOFR plus 327 bps
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Call features: | Callable in whole or in part starting on fifth anniversary and then on any interest payment date thereafter
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Announcement date: | Aug. 19
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Distribution: | Private placement
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