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Published on 9/23/2020 in the Prospect News Investment Grade Daily and Prospect News Preferred Stock Daily.

Ameris offers 10-year $1,000-par fixed-to-floating subordinated notes

By James McCandless

San Antonio, Sept. 23 – Ameris Bancorp plans to price an offering of $1,000-par fixed-to-floating rate subordinated notes due 2030, according to a 424B5 filing with the Securities and Exchange Commission.

Keefe, Bruyette & Woods, Inc. and Piper Sandler & Co. are the bookrunners.

Coupons are payable semiannually, switching to quarterly after the coupon converts to a floating rate.

The coupon is fixed for five years, then converts to a floating rate of the three-month SOFR plus a spread.

The notes are redeemable after five years at par. Prior to that, the notes are redeemable after a tax event, tier 2 capital event, or if the company is required to register as an investment company at par.

Ameris plans to use the proceeds for general corporate purposes, which may include providing capital to support its growth organically or through strategic acquisitions, financing investments and capital expenditures, and for investments in Ameris Bank as regulatory capital.

The company does not plan to list the notes on any securities exchange.

Ameris is an Atlanta-based bank holding company.


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