Univest Corp. of Pennsylvania in Souderton has issued $50 million in subordinated debt.
The $2.2 billion-asset company disclosed in a regulatory filing Monday that it issued the notes, due 2025, in a private placement to unnamed institutional investors.
Net proceeds of $49 million will be used for general corporate purposes, including a contribution to Univest Bank and Trust, organic growth and acquisitions.
The notes will have an annual fixed rate of 5.1% through March 2020 before switching to a floating rate. Univest can start to redeem the notes in early 2020.