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Triumph Bancorp prices $50M of subordinated notes

Dallas-based TriumphBancorp Inc. priced its public offering of $50 million aggregate principalamount of its subordinated notes due 2026.

Initially, the noteswill bear interest at 6.50% per year payable semiannually in arrears until Sept.30, 2021. After that, interest shall be payable quarterly in arrears, at an annualfloating rate equal to three-month LIBOR as determined for the applicable quarterlyperiod, plus 534.5 basis points.

The noteswill be issued at a price of 100% of the principal amount thereof.

As previously disclosed, the company plans to use the net proceedsfor general corporate purposes, potential strategic acquisitions and investmentsin unit TBK Bank SSB asregulatory capital.

Sandler O'Neill & Partners LP is acting as sole book-runningmanager and FIG Partners LLC is serving as co-manager for the notes offering, whichis expected to close Sept. 30.