Triumph Bancorp Announces Extension of Exchange Offer

Rhea-AI Summary

Triumph Bancorp (Nasdaq: TBK) announced an extension of its exchange offer for holders of $70 million in subordinated notes, previously set to expire on January 24, 2022. The new expiration date is now February 1, 2022, at 5:00 p.m. EST. As of the original deadline, approximately 96.4% of the original notes, equating to $67.5 million, were tendered in the exchange process. The new notes are identical to the old ones but registered under the Securities Act of 1933. The exchange agent for this offer is Computershare Trust Company, N.A.

Positive

• 96.4% of the Old Notes have been successfully tendered, indicating strong investor interest.
• The new notes will be registered under the Securities Act of 1933, enhancing their marketability.

Negative

• None.

DALLAS, Jan. 25, 2022 (GLOBE NEWSWIRE) -- Triumph Bancorp, Inc. (Nasdaq: TBK) (“Triumph Bancorp,” “Triumph” or the “Company”) announced today that it extended its offer to holders of $70.0 million in aggregate principal amount of its 3.50% fixed to floating rate subordinated notes due 2031 (the “Old Notes”), issued August 26, 2021, to exchange the Old Notes for a like principal amount of notes with identical terms other than that such new notes have been registered under the Securities Act of 1933, as amended.

The exchange offer, which had been scheduled to expire on January 24, 2022 at 5:00 p.m., New York City time, will now expire at 5:00 p.m., New York City time, on February 1, 2022, unless further extended by Triumph Bancorp. All other terms, provisions and conditions of the exchange offer will remain in full force and effect. Computershare Trust Company, N.A. is serving as exchange agent for the exchange offer.

Triumph Bancorp said it has been informed by the exchange agent that, as of January 24, 2022 at 5:00 p.m., New York City time, $67,500,000 in aggregate principal amount of the Old Notes had been tendered in the exchange offer. This amount represents approximately 96.4% of the Old Notes.

This press release is for informational purposes only and does not constitute an offer to sell or the solicitation to buy any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

The indebtedness evidenced by the notes is not a deposit and is not insured by the Federal Deposit Insurance Corporation or any other government agency or fund.

About Triumph

Triumph Bancorp, Inc. (Nasdaq: TBK) is a financial holding company headquartered in Dallas, Texas, offering a diversified line of payments, factoring, and banking services. www.triumphbancorp.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the federal securities laws. Investors are cautioned that such statements are predictions and that actual events or results may differ materially. Triumph’s expected financial results or other plans are subject to a number of risks and uncertainties. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see “Risk Factors” and the forward-looking statement disclosure contained in the Company’s Annual Report on Form 10-K, filed with the Securities and Exchange Commission on February 12, 2021. Forward-looking statements speak only as of the date made and Triumph undertakes no duty to update the information.

Source: Triumph Bancorp, Inc.

Investor Relations:
Luke Wyse
Senior Vice President, Finance & Investor Relations
lwyse@tbkbank.com
214-365-6936

Media Contact:
Amanda Tavackoli
Senior Vice President, Director of Corporate Communication
atavackoli@tbkbank.com
214-365-6930

 

FAQ

What is Triumph Bancorp's latest exchange offer for subordinated notes?

Triumph Bancorp has extended its exchange offer for $70 million in subordinated notes, allowing holders to exchange their notes for registered notes with identical terms. The new expiration date is February 1, 2022.

How much of Triumph Bancorp's Old Notes have been tendered in the exchange offer?

As of January 24, 2022, approximately $67.5 million, or 96.4%, of the Old Notes have been tendered.

What are the new terms of Triumph Bancorp's subordinated notes?

The new notes will have the same terms as the Old Notes but will be registered under the Securities Act of 1933.

Who is the exchange agent for Triumph Bancorp's note exchange?

Computershare Trust Company, N.A. is serving as the exchange agent for Triumph Bancorp's note exchange offer.

What is the significance of the subordinated notes not being insured?

The notes issued by Triumph Bancorp are not deposits and are not insured by the Federal Deposit Insurance Corporation or any other agency, which means they carry higher risk for investors.