Joint Placement Agent
Happy Bancshares, Inc.
Debt Capital Markets
Subordinated Notes
Transaction Details
- 10 year, $65 million subordinated notes issuance
- Kroll Bond Rating Agency investment grade rating of BBB-
- Notes redeemable beginning August 1, 2020 and due August 1, 2025
- Fixed rate of 5.875% for the first five years, and 3-month LIBOR plus 412 basis points thereafter
- The subordinated debt is intended to qualify under federal regulatory rules as Tier 2 capital for Happy Bancshares
- The transaction proceeds will be used to redeem $31.9 million of outstanding SBLF, support future growth and general corporate purposes
About the company
Happy Bancshares, Inc., the Texas bank holding company for Happy State Bank, had $2.66 billion in assets as of June 30, 2015. Happy State Bank was founded in Happy, Texas and is headquartered in Amarillo, Texas. Happy State Bank currently operates through a network of 34 branches located in 24 communities in the Texas Panhandle, South Plains and DFW Metroplex.
Source: Company Press Release and publicly available information
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