Union Bankshares in Richmond, Va., has sold $150 million in subordinated notes.

The $8.2 billion-asset company said in a press release Monday that the notes will initially bear an annual fixed interest rate of 5%. They will mature in 2026.

The company said it plans to use the net proceeds to repay outstanding amounts under a credit line and to contribute capital to its bank, among other things.

Sandler O'Neill was the book-running manager for the offering.

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