United Community Banks (UCBI) in Blairsville, Ga., plans to raise up to $35 million in a debt offering.

The $7.2 billion-asset company will auction between $15 million and $35 million of senior notes, it announced Friday. The offering will begin Aug. 5 and close Aug. 7. The notes are expected to carry an interest rate between 5.50% and 6.15%.

United Community plans to auction the notes through Zions Direct, the online broker-dealer subsidiary of Zions Bancorp. (ZION). Macquarie Capital and Goldman Sachs (GS) are the joint bookrunners for the offering.

United Community plans to use the proceeds for general corporate purposes, including the repurchase of debt.

The company recently reported a second quarter profit of $230 million, after recording a gain of $256 million related to the reversal of a valuation allowance against it deferred tax assets.

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