HOUSTON, March 16, 2015 – Cadence Bancorp, LLC, parent of Cadence Financial Corporation and Cadence Bank, N.A., announced the successful completion of a $50 million debt issuance to foster the continued growth and solid capital position of the company.
“We are pleased that the continued demand for high quality mid-cap investment opportunities has enabled us to complete this successful transaction,” said Paul B. Murphy, CEO and president of Cadence Bancorp. “Investors continue to be confident in our ability to capitalize on the growth opportunities throughout our footprint.”
The transaction, which was executed in a club-style private transaction, includes the following debt issued by Cadence Financial Corporation:
• $40 million 10-year subordinated (with 5-year call provision) at 6.5% coupon
• $10 million 5-year senior note at 4.875% coupon (4.5% yield)
“This raise supports flexibility in our growth plans and enables us to maintain our solid balance sheet positioning,” noted Valerie C. Toalson, Chief Financial Officer. “Despite current volatility issues in the energy industry, strong investor demand from high quality institutional accounts has been very gratifying to us.”
U.S. Bancorp Investments, Inc. served as sole placement agent for the transaction.
About Cadence Bancorp, LLC
Cadence Bancorp, LLC (Cadence) is an $8 billion bank holding company headquartered in Houston, Texas. Today, through Cadence Bank, N.A., Cadence has over 80 locations in five states, including Texas, Alabama, Florida, Mississippi and Tennessee. As a robust financial organization, Cadence is intent on supporting the economic growth of the communities it serves. Through exceptional customer service, relevant products and services, a disciplined credit and risk management framework, cost controls, and the implementation of enhanced technology, Cadence has become a significant regional bank.