LegacyTexas Financial Group in Plano will issue $75 million in subordinated debt for potential acquisitions and other uses.

The $6.9 billion-asset company plans to use the proceeds for general corporate purposes and regulatory capital investments in its LegacyTexas Bank unit, as well as possible purchases, according to a Wednesday news release.

The notes will mature in 2025 carry a fixed rate of 5.5% until 2020. Then it will switch to Libor plus 389 basis points. The offering is set to close Nov. 23.

Sandler O'Neill and U.S. Bancorp Investments are lead underwriters. Wachtell, Lipton, Rosen & Katz and Silver, Freedman, Taff & Tiernan are legal counsel to LegacyTexas.

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