FIG Has Now Completed 20 Subordinated Debt Capital Raises Since 2015
Totaling More Than $500 Million
ATLANTA, Jan. 24, 2017 — Southern National Bancorp of Virginia, Inc. (NASDAQ:SONA), the holding company of Sonabank, has announced the closing of $27 million in subordinated notes.
The fixed-to-floating rate subordinated notes, due in 2027, will initially bear interest at 5.875% annually until January 31, 2022. Thereafter, the notes will be payable at an annual floating rate equal to three-month LIBOR plus a spread of 3.95% until maturity or early redemption.
The Company plans to use the net proceeds of the offering for general corporate purposes, including contributing capital to its bank subsidiary to support continued growth.
FIG Partners served as sole placement agent to Southern National Bancorp of Virginia, Inc. The FIG team included Matthew Veneri, Managing Principal and Co-Head of Investment Banking; Greg Gersack, Senior Managing Principal and Co-Head of Investment Banking; Lozan Aleksandrov, Senior Vice President, Investment Banking and Deputy Head of Capital Markets; and Patrick Ahern, Managing Director, Fixed Income.
More information from Southern National Bancorp of Virginia, Inc. is available here.
To learn more about FIG Partners, visit www.figpartners.com.