United Community Banks Announces Add-On Senior Note Offering Of $5.4 Mln

(RTTNews) - United Community Banks, Inc. (UCBI), the holding company of United Community Bank, announced its add-on offering of $5.4 million aggregate principal amount of 6.00% Senior Notes due August 13, 2018.

These additional Notes will form a part of the same series as, and are fungible with, the $34.58 million outstanding principal amount of United's 6.00% Senior Notes due August 13, 2018 issued on August 12, 2013, the company said.

The company said upon completion of this offering, the aggregate principal amount of outstanding notes of this series will be $40.0 million.

The company said it expects to use the net cash proceeds from this offering for general corporate purposes, which may include the redemption or repurchase of certain of its debt securities.

On August 14, 2013, the company gave notice of its intent to redeem its existing $35.0 million aggregate principal amount of Subordinated Step-Up Notes due September 30, 2015 at a price equal to 100% of the principal amount plus accrued and unpaid interest. The intended redemption date for the Subordinated Notes is September 30, 2013.