Regent Capital Corp. issues 20 million dollars in banknotes
TULSA, Oklahoma., August 6, 2021 / PRNewswire / – Regent Capital Corporation (the “Company”) today announced the issuance of $ 20 million total principal amount of the fixed-to-variable rate subordinated notes (the “Notes”) in connection with a private placement transaction with certain qualified institutional buyers and accredited institutional investors. The Notes are intended to qualify as Tier 2 capital for regulatory purposes.
The Company intends to use the net proceeds for general corporate purposes, including the repayment of a line of credit, the repayment of outstanding debt and the support of organic growth and capital ratios.
“I am so proud of our team”, CEO of Regent Bank Sean kouplen noted. “Our consistent long-term performance and financial strength have enabled us to complete this significant subordinated debt issue at a very low cost to our shareholders.”
The Notes have an initial fixed rate of 4.00% per annum, maturing on August 1, 2031, and become repayable at the option of the Company from August 1, 2026 (“Call date”), subject to certain exceptions. From the call date, the interest rate will be reset quarterly to an annual interest rate equal to the three-month SOFR (Secure Overnight Funding Rate) then in effect plus 342 basis points. Notwithstanding the above, if the Reference Rate is less than zero, then the Reference Rate will be deemed to be zero.
Piper Sandler & Co. was the sole placement agent. McAfee & Taft acted as legal counsel to Regent and Nelson Mullins Riley & Scarborough LLP acted as legal counsel to the Placement Agent.
About the company
The Regent Bank was founded in 1898 in Nowata, alright and purchased by Regent Capital Corporation run by Kouplen in 2008. Since 2008 the bank has grown from one location and $ 72 million in assets at five sites and nearly $ 1 billion in assets. The bank recently launched Regent Mortgage and Regent Insurance, and it plans to expand into the Broken arrow and Edmond markets by the end of 2021.
Regent Bank is an SBA Preferred Lender and serves specialty banking niches such as tribal nations, nonprofits, Hispanic businesses, and healthcare professionals.
“Regent Bank’s passion is to serve local small and medium-sized businesses through Oklahoma and southwest Missouri“Kouplen said.” Business can be very difficult, and we want to be the trusted partner of our customers through thick and thin. “
Regent Bank is a member of the FDIC and Equal Housing Lender.
Sean kouplen, Chairman and CEO, Regent Bank
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SOURCE Company with regent capital