United Community in Ga. Completes $35M Offering

By Sarah Todd August 13, 2013, 12:53 p.m. EDT 1 Min Read

Community banking

United Community in Ga. to Begin $35M Offering

The $7.2 billion-asset company will auction between $15 million and $35 million of senior notes, it announced Friday.

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Georgia's Banks Show Signs of Sustainable Recovery

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United Community in Ga. Earns $230M on Large Tax Reversal

United Community Banks in Blairsville, Ga., reported a huge profit after a tax reversal allowed it to purge its balance sheet of bad loans.

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United Community Banks (UCBI) in Blairsville, Ga., has completed its debt offering of almost $35 million.

The $7.2 billion-asset company auctioned $34.6 million in senior notes, it announced Monday. The notes carry an interest rate of 6%.

United Community plans to use the proceeds for general corporate purposes, including the possible repurchase or replacement of other debt.

The offering, announced last week, ran from Aug. 5 to Aug. 7. United ran the auction through Zions Direct, the online broker-dealer subsidiary of Zions Bancorp. (ZION). Macquerie Capital and Goldman Sachs (GS) served as joint bookrunners for the offering.

In July, United announced a profit of $230 million in the second quarter after a tax reversal allowed it to sell $151 million in bad loans.

Sarah Todd

Deputy Editor, BankThink

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