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Independent Bank Group prices $30M sub notes offering

McKinney, Texas-based Independent Bank Group Inc. priced the underwritten public offering of $30 million fixed-to-floating rate subordinated notes due Dec. 31, 2027.

The notes' initial interest rate will be 5.00% per year. On Dec. 31, 2022, interest rate will be reset quarterly to the three-month LIBOR rate plus a spread of 283 basis points, payable quarterly in arrears. The offering is expected to fund on Dec. 19, 2017, subject to certain conditions.

Proceeds will be used for general corporate purposes, including to increase capital to support continued growth through acquisitions and continued organic growth.

Piper Jaffray & Co. and U.S. Bancorp Investments Inc. are joint book-running managers for the offering.