Reliant Bancorp, Inc. Announces Completion of $60.0 Million Subordinated Notes Offering

BRENTWOOD, Tenn.--(BUSINESS WIRE)--Reliant Bancorp, Inc. (“Reliant”) (Nasdaq: RBNC), the parent company for Reliant Bank, today announced the completion of an offering of $60.0 million in aggregate principal amount of fixed-to-floating rate subordinated notes (the “Notes”) to certain qualified institutional buyers and institutional accredited investors in a private placement transaction. Reliant intends to use the net proceeds from the Notes offering to pay cash consideration for previously announced pending acquisitions, to support organic growth, including maintenance of bank level capital ratios, and for general corporate purposes. The Notes are intended to qualify as Tier 2 capital for regulatory capital purposes for Reliant. The Notes will initially bear interest at a fixed annual rate of 5.125%, payable semi-annually in arrears, to but excluding December 15, 2024. From and including December 15, 2024 to but excluding the maturity date or early redemption date, the interest rate will reset quarterly to an interest rate per annum equal to the then-current three-month Secured Overnight Financing Rate provided by the Federal Reserve Bank of New York (the “three-month SOFR”) (provided, that in the event the three-month SOFR is less than zero, the three-month SOFR will be deemed to be zero) plus 376.5 basis points, payable quarterly in arrears. Reliant is entitled to redeem the Notes, in whole or in part, on any interest payment date on or after December 15, 2024, and to redeem the Notes at any time in whole upon certain other specified events.