United Community Banks (UCBI) in Blairsville, Ga., has completed its debt offering of almost $35 million.
The $7.2 billion-asset company auctioned $34.6 million in senior notes, it announced Monday. The notes carry an interest rate of 6%.
United Community plans to use the proceeds for general corporate purposes, including the possible repurchase or replacement of other debt.
The offering, announced last week, ran from Aug. 5 to Aug. 7. United ran the auction through Zions Direct, the online broker-dealer subsidiary of Zions Bancorp. (ZION). Macquerie Capital and Goldman Sachs (GS) served as joint bookrunners for the offering.
In July, United announced a profit of $230 million in the second quarter after a tax reversal allowed it to sell $151 million in bad loans.