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Heritage Commerce completes debt offering

San Jose, Calif.-based Heritage Commerce Corp on May 26 completed its underwritten public offering of $40 million aggregate principal amount of its fixed- to floating-rate subordinated notes due June 1, 2027.

Net proceeds from the offering, after deducting underwriting discounts and estimated offering expenses, is approximately $39.1 million.

Sandler O'Neill & Partners LP served as the lead book-running manager while Keefe Bruyette & Woods was passive book-running manager. Heritage Commerce was represented by Buchalter, a professional corporation, and the underwriters were represented by Holland & Knight LLP.