Alexandria, La.-based Red River Bancshares Inc. redeemed on Aug. 8 all of the floating-rate junior subordinated debt securities due 2033 that were issued to and held by FBT Capital Trust I.
The debentures were redeemed in full at a price equal to 100% of the outstanding principal amount of approximately $5.2 million, plus accrued and unpaid interest.
The proceeds from the redemption were simultaneously applied to redeem all outstanding preferred securities of the trust at an aggregate price of $5 million, plus accrued and unpaid interest through the date of redemption. The proceeds were also used to redeem the outstanding common securities of the trust, all of which were held by Red River Bancshares, at an aggregate price of $155,000, plus accrued and unpaid interest through the date of redemption.
Red River Bancshares used a portion of the proceeds received from its recently completed IPO to redeem the debentures.