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Allegiance Bank raises $39.4M in debt offering

Houston-based Allegiance Bank on Dec. 14 closed a private placement of $40.0 million of its fixed- to floating-rate subordinated notes.

The notes are due Dec. 15, 2027. They will pay interest of 5.25% per annum until Dec. 15, 2022, from which time the interest rate will instead equal three-month London Interbank Offered Rate plus 3.03%.

Net proceeds are estimated at $39.4 million.

The bank intends to use the net proceeds from the offering to support its growth and for general corporate purposes.