BancPlus Mortgage Corp. of San Antonio, Tex., is embarking on a refinancing campaign that will include the sale of $150 million of notes and the syndication of $475 million of new bank debt.
The company has filed a registration statement with the Securities and Exchange Commission for $150 million of senior notes due 2003. Donaldson, Lufkin & Jenrette and J.P. Morgan Securities Inc. will lead the sale.
The sale will occur within 90 days, said Herbert Carrel, president of parent BancPlus Financial Corp.
Proceeds from the offering will be used to retire existing bank debt as well as 11.5% subordinated notes due 2001, according to the SEC filing.
Separately, Bank of New York and Banc One are syndicating for BancPlus a $475 million package of bank loans.
BancPlus' credit includes a $400 million mortgage warehouse loan priced at the London Interbank Offered Rate (Libor) plus 150 basis points.
Mortgage warehouse credits are used to provide short-term funding for mortgages awaiting sale into the secondary market.
The company will also receive a $75 million, seven-year loan to finance planned acquisitions of servicing rights, according to bankers familiar with the deal. That credit, priced at Libor plus 250 basis points, contains a provision that may increase the deal to $100 million.
Bank of New York and Banc One are seeking underwriters for the credit.