BancorpSouth Bank closed an underwritten public offering of $300 million aggregate principal amount of its 4.125% Fixed-to-Floating Rate Subordinated Notes due November 20, 2029 (the "Notes") and closed an underwritten public offering of $150 million aggregate principal amount of its 5.5% Series A Non-Cumulative Perpetual Preferred Stock, par value $0.01 per share (the "Series A Preferred Stock"). BancorpSouth also granted the underwriters a 30-day option to purchase up to an additional $22.5 million aggregate principal amount of its Series A Preferred Stock to cover an overallotment, if any, at the price to the public less the underwriting discount. BancorpSouth intends to use the net proceeds from the offerings for general corporate purposes, potentially including repurchases of shares of BancorpSouth's common stock, future acquisitions and ongoing working capital needs.
Waller served as counsel to BancorpSouth with respect to both offerings, including preparing offering documents, negotiating the Underwriting Agreements, obtaining approvals from relevant federal and state banking authorities, obtaining NYSE listing for the Series A Preferred Stock and advising BancorpSouth's Board of Directors and its committees in connection with the offerings. The Waller team was led by Marlee Mitchell, Wes Scott and Richard Hills.
For more information, see media coverage here.
Represented City of Fairview in the issuance of a general obligation refunding bond.
Represented the agent and lenders in a $20 million asset-based revolving loan facility to the operators of 19 skilled nursing and assisted living facilities in Colorado.
Represented a lender in providing $50 million in term and AR loans to finance the acquisition and operations of three skilled nursing facilities in Florida.