Atlantic Capital Bancshares, Inc. Announces Completion of $75 Million Subordinated Notes Offering
August 20 2020 - 4:10PM
Atlantic Capital Bancshares, Inc. (NASDAQ: ACBI) (“Atlantic
Capital”) announced today the completion of a private placement of
$75 million of 5.5% fixed to floating rate subordinated notes
due 2030 (the “Notes”) to certain qualified institutional buyers
and accredited investors.
The Notes are unsecured and have a ten-year term, maturing
September 1, 2030, and will bear interest at a fixed annual rate of
5.5%, payable semi-annually in arrears, for the first five years of
the term. Thereafter, the interest rate will reset quarterly to an
interest rate per annum equal to a benchmark rate (which is
expected to be Three-Month Term SOFR) plus 536.3 basis points,
payable quarterly in arrears.
The Notes have been structured to qualify as Tier 2 capital for
Atlantic Capital for regulatory capital purposes. Atlantic Capital
intends to use the net proceeds from the offering for general
corporate purposes, including support for organic growth plans and
support for bank level capital ratios, as well as possible future
redemption of callable subordinated notes.
Piper Sandler & Co. served as lead placement agent for this
offering and Performance Trust Capital Partners, LLC and Raymond
James & Associates served as co-placement agents. Troutman
Pepper served as legal counsel to Atlantic Capital and Alston &
Bird LLP served as legal counsel to the placement agents.
This press release is for informational purposes only and does
not constitute an offer to sell or the solicitation to buy any
securities. The offering of the Notes in the private placement was
not registered under the Securities Act of 1933, as amended, or any
state securities law, and the Notes may not be offered or sold in
the United States absent registration, or applicable exemption from
registration, under the Securities Act and applicable state
securities laws.
The indebtedness evidenced by the Notes is not a deposit and is
not insured by the Federal Deposit Insurance Corporation or any
other government agency or fund.
About Atlantic Capital Bancshares
Atlantic Capital Bancshares, Inc. is a $2.9 billion publicly
traded bank holding company headquartered in Atlanta, Georgia.
Atlantic Capital offers commercial and not-for-profit banking
services, specialty corporate financial services, private banking
services and commercial real estate finance solutions to privately
held companies and individuals in the Atlanta area, as well as
specialized financial services for select clients nationally.
Forward-Looking Statements
This press release contains “forward-looking statements” within
the meaning of Section 27A of the Securities Act of 1933, as
amended and Section 21E of the Securities Exchange Act of 1934, as
amended. These forward-looking statements represent plans,
estimates, objectives, goals, guidelines, expectations, intentions,
projections and statements of our beliefs concerning future events,
business plans, objectives, expected operating results and the
assumptions upon which those statements are based. Forward-looking
statements include without limitation, any statement that may
predict, forecast, indicate or imply future results, performance or
achievements, and are typically identified with words such as
“may,” “could,” “should,” “will,” “would,” “believe,” “anticipate,”
“estimate,” “project,” “expect,” “intend,” “plan,” “strive,” or
words or phases of similar meaning. Forward-looking statements are
based largely on Atlantic Capital’s expectations and are subject to
a number of known and unknown risks and uncertainties that are
subject to change based on factors which are, in many instances,
beyond Atlantic Capital’s control. These risks, uncertainties and
other factors may cause the actual results, performance, and
achievements of the Company to be materially different from the
anticipated future results, performance or achievements expressed
in, or implied by, the forward-looking statements. Factors that
could cause such differences include, but are not limited to,
general economic conditions, the impact of the COVID-19 pandemic,
changes in interest rates, regulatory considerations, competition
and market expansion opportunities, changes in non-interest
expenditures or in the anticipated benefits of such expenditures,
the receipt of required regulatory approvals, and changes in tax
laws. Atlantic Capital undertakes no obligation to publicly update
any forward-looking statement to reflect developments occurring
after the statement is made, except as otherwise required by law.
Actual results, performance or achievements could differ materially
from those contemplated, expressed, or implied by the
forward-looking statements as a result of, among other factors, the
risks and uncertainties described in “Risk Factors” and
“Management’s Discussion and Analysis of Financial Condition and
Results of Operations” in Atlantic Capital’s Annual Report on Form
10-K, as supplemented by our Current Report on Form 8-K filed on
April 23, 2020, and Quarterly Reports on Form 10-Q. Please refer to
the SEC’s website at www.sec.gov where you can review those
documents.
Contact:Patrick Oakes, Executive Vice President
and CFOEmail: patrick.oakes@atlcapbank.comPhone: 404-995-6050
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