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Lead Placement Agent

Happy Bancshares, Inc.

$140 Million 07/30/2020 Depository Complete
Private Companies
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Transaction Details

  • On Thursday, July 30, Happy Bancshares, Inc. (the “Company” or “Happy”), the holding company of Happy State Bank, announced the closing of its $140,000,000 private placement of fixed-to-floating rate subordinated notes due 2030 (the “Notes”)
  • The Notes bear a fixed rate of 5.50% for the first 5 years and 3-month SOFR plus 543.5 basis points, resetting quarterly, until the Notes mature on July 31, 2030
  • Kroll Bond Rating Agency rated the Notes BBB-
  • One of the largest private placements of 10 year fixed-to-floating subordinated notes by a U.S. community bank in recent years
  • The Company intends to use the net proceeds from the offering to repay its existing subordinated notes, to support its growth, and for general corporate purposes
  • The Notes are structured to qualify as Tier 2 capital for regulatory purposes

About the company

Happy Bancshares, Inc., the Texas bank holding company for Happy State Bank, had over $5 billion in assets as of July 30, 2020. Happy State Bank was founded in Happy, Texas and is headquartered in Amarillo, Texas. The Bank currently operates through a network of 58 locations in 41 communities in the Texas Panhandle, South Plains, Central Texas and DFW Metroplex. For additional information, visit the Company’s Web site at www.happybank.com.

Sources: Company press release, Bloomberg, Kroll Bond Rating Agency, and S&P Global Market Intelligence
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