5.25% Fixed-to-Floating Rate Subordinated Notes due 2032
Note · Colony Bankcorp, Inc.
Reference: 5.25% Fixed-to-Floating Rate Subordinated Notes due 2032
- Original principal
- USD 40,000,000
- Outstanding
- —
- Commitment
- —
- Availability
- —
- Maturity
- May 20, 2032
Last reported interest terms: 5.25% the interest rate will reset quarterly at a variable rate equal to the then current three-month Secured Overnight Financing Rate ("SOFR"), as published by the Federal Reserve Bank of New York, plus 265 basis points Reported 2022-05-23 Later filings may not restate these terms; this does not confirm they still apply.
Covenant terms for this agreement are not yet verified.
Documents and filing history
-
Issuance
· 2022-05-20
Original principal USD 40,000,000 Exact source document
Parent 8-K filing · 2022-05-23
On May 20, 2022, Colony Bankcorp, Inc. (the "Company") entered into a Subordinated Note Purchase Agreement (the "Purchase Agreement") with certain "qualified institutional buyers," as defined in Rule 144A promulgated by the Securities and Exchange Commission (the "SEC") under the Securities Act of 1933, as amended (the "Securities Act") (collectively, the "Purchasers"). Under the terms of the Purchase Agreement with the Purchasers, the Company issued and sold $40.0 million in aggregate principal amount of its 5.25% Fixed-to-Floating Rate Subordinated Notes due 2032 (the "Notes"). The Notes were issued by the Company to the Purchasers at a price equal to 100% of their face amount.
Issuer evidence: On May 20, 2022, Colony Bankcorp, Inc. (the "Company") entered into a Subordinated Note Purchase Agreement (the "Purchase Agreement") with certain "qualified institutional buyers," as defined in Rule 144A promulgated by the Securities and Exchange Commission (the "SEC") under the Securities Act of 1933, as amended (the "Securities Act") (collectively, the "Purchasers"). Under the terms of the Purchase Agreement with the Purchasers, the Company issued and sold $40.0 million in aggregate principal amount of its 5.25% Fixed-to-Floating Rate Subordinated Notes due 2032 (the "Notes"). The Notes were issued by the Company to the Purchasers at a price equal to 100% of their face amount.
Supporting evidence: The Notes mature on May 20, 2032 and bear interest at a fixed rate of 5.25% per year, from May 20, 2022 to, but excluding, May 20, 2027, payable semi-annually in arrears on June 30 and December 30 of each year, commencing on June 30, 2022. From and including May 20, 2027 to, but excluding, the maturity date or early redemption date, the interest rate will reset quarterly at a variable rate equal to the then current three-month Secured Overnight Financing Rate ("SOFR"), as published by the Federal Reserve Bank of New York, plus 265 basis points, payable quarterly in arrears on March 30, June 30, September 30 and December 30 of each year . As provided in the Notes, the interest rate on the Notes during the applicable floating rate period may be determined based on a rate other than three-month term SOFR.
Supporting evidence: On May 20, 2022, Colony Bankcorp, Inc. (the "Company") entered into a Subordinated Note Purchase Agreement (the "Purchase Agreement") with certain "qualified institutional buyers," as defined in Rule 144A promulgated by the Securities and Exchange Commission (the "SEC") under the Securities Act of 1933, as amended (the "Securities Act") (collectively, the "Purchasers"). Under the terms of the Purchase Agreement with the Purchasers, the Company issued and sold $40.0 million in aggregate principal amount of its 5.25% Fixed-to-Floating Rate Subordinated Notes due 2032 (the "Notes"). The Notes were issued by the Company to the Purchasers at a price equal to 100% of their face amount.
Supporting evidence: On May 20, 2022, Colony Bankcorp, Inc. (the "Company") entered into a Subordinated Note Purchase Agreement (the "Purchase Agreement") with certain "qualified institutional buyers," as defined in Rule 144A promulgated by the Securities and Exchange Commission (the "SEC") under the Securities Act of 1933, as amended (the "Securities Act") (collectively, the "Purchasers"). Under the terms of the Purchase Agreement with the Purchasers, the Company issued and sold $40.0 million in aggregate principal amount of its 5.25% Fixed-to-Floating Rate Subordinated Notes due 2032 (the "Notes"). The Notes were issued by the Company to the Purchasers at a price equal to 100% of their face amount.