June 18, 2020 — Great Southern Bancorp, Inc. (NASDAQ:GSBC), the holding company for Great Southern Bank, has completed a $75 million subordinated debt offering due June 15, 2030.
The price for the fixed-to-floating rate notes was 100% of the principal. Interest will accrue at 5.50% per annum from June 15, 2020 to June 15, 2025, payable semi-annually in arrears. For the remainder of the term, to June 15, 2030, or the earlier redemption date, interest will accrue at a floating rate per annum equal to a benchmark rate, which is expected to be Three-Month Term SOFR, plus a spread of 532.5 basis points, payable quarterly in arrears. The notes qualify as Tier 2 capital for regulatory purposes.
The team from Janney’s Financial Institutions Group included Matthew Veneri, Head of Investment Banking; Greg Gersack, Head of Equity Capital Markets; Lozan Aleksandrov, Managing Director; and Jason Werner, Director.
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