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First Carolina Financial Services completes offering of subordinated notes

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First Carolina Financial Services completes offering of subordinated notes

Rocky Mount, N.C.-based First Carolina Financial Services Inc. completed a private placement of $32.0 million aggregate principal amount of fixed-to-floating rate subordinated notes due December 2029.

The unsecured notes initially bear interest at a fixed 5.50% per annum, payable semiannually in arrears on each June 6 and Dec. 6, starting June 6, 2020, until Dec. 5, 2024. From Dec. 6, 2024, through Dec. 5, 2029, the interest rate will reset quarterly to an interest rate per annum equal to the London interbank offered rate, or the applicable successor or substitute base rate, plus 394.0 basis points, payable quarterly in arrears.

The company intends to use proceeds from the private placement for general corporate purposes, including enhancing First Carolina Bank's capital ratios, supporting the growth of the franchise, and other strategic purposes management may determine in the future.

Performance Trust Capital Partners LLC served as sole placement agent for the private offering. Nelson Mullins Riley & Scarborough LLP provided legal counsel to the placement agent in connection with the offering, while Wyrick Robbins Yates & Ponton LLP served as First Carolina Financial Services' legal counsel.