Co-Placement Agent
Third Coast Bancshares, Inc.
Debt Capital Markets
Subordinated Notes
Transaction Details
- On April 1, 2022, Third Coast Bancshares, Inc. (NASDAQ: TCBX), (“the Company”), the holding company of Third Coast Bank, SSB, Humble, Texas, announced the issuance of $82.3 million in aggregate principal amount of Subordinated Notes due 2032 (the “Notes”) in a private placement transaction
- The Notes mature on April 1, 2032 and will initially bear interest at a fixed annual rate of 5.500%, payable semi-annually in arrears, until April 1, 2027 or an earlier redemption date. Beginning April 1, 2027, and until maturity or redemption, the interest rate will reset quarterly to an interest rate per annum equal to the then current three-month SOFR plus 315 basis points, payable quarterly in arrears
- The Company intends to use the net proceeds from this offering for general corporate purposes
About the company
Third Coast Bancshares, Inc. is a commercially focused, Texas-based bank holding company operating primarily in the Greater Houston, Dallas-Fort Worth, and Austin-San Antonio markets through its wholly owned subsidiary, Third Coast Bank, SSB. Founded in 2008 in Humble, Texas, Third Coast Bank, SSB conducts banking operations through 12 branches and one loan production office encompassing the four largest metropolitan areas in Texas. Please visit https://www.tcbssb.com for more information.
Sources: Company Press Release.
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