First Union Capital Markets Corp. has completed a $125 million offering of high-yield bonds for Emergent Group Inc., a lender who specializes in subprime mortgage and small business loans.

J.P. Morgan & Co. and Wheat First Butcher Singer served as co-managers. The offering originally was set at $100 million.

In March, First Union Capital Markets syndicated a $200 million senior credit facility for Emergent Mortgage Corp., a subsidiary of Emergent Group.

Emergent began its lending operations in 1991 with the acquisition of Carolina Investors Inc., a South Carolina lender.

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