Triumph Bancorp in Dallas plans to issue $50 million in subordinated debt and said proceeds from the offering may be used for acquisitions.

The $1.7 billion-asset company disclosed in a regulatory filing on Monday that the fixed- to floating-rate notes mature in 2026. The filing did not disclose the initial five-year fixed rate for the offering.

Triumph plans to set the rate on Tuesday, CEO Aaron Graft told American Banker on Monday.

"It will depend on if there is enough demand at the bottom end," Graft said. "We're going to price it as cheaply as we can, but we have no idea whether the rate will be 5, 6 or 7%."

The company could pull the offering "if it's on terms we don't like," Graft said, "but right now I don't expect that to happen."

Triumph plans to use the proceeds from the offering for general corporate purposes, potential strategic acquisitions and investments in its TBK Bank unit as regulatory capital.

Sandler O'Neill and FIG Partners are the managers for the offering.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.