Union Bankshares priced its $150M notes

|About: Union Bankshares Corpora... (UBSH)|By:, SA News Editor

Union Bankshares (NASDAQ:UBSH) priced its $150M Fixed-to-Floating Rate Subordinated Notes due 2026.

The Notes will initially bear interest at 5.00% p.a.’ payable semi-annually starting on June 15, 2017 to, but excluding, December 15, 2021, thereafter, the interest will be payable quarterly in arrears, at an annual floating rate equal to three-month LIBOR as determined for the applicable quarterly period, plus 3.175%.

Net proceeds will be used to repay amounts outstanding under a line of credit, to contribute capital to its subsidiary bank, Union Bank & Trust, and for general corporate purposes.

Sole book-running manager: Sandler O'Neill + Partners, L.P.

“Based on strong demand from investors, the company was able to increase the amount of the issue more than originally anticipated,” said G. William Beale, CEO of Union Bankshares Corporation.