United Community Banks, Inc. Announces Add-On Senior Note Offering of $5.4 Million

Marketwired

BLAIRSVILLE, GA--(Marketwired - Aug 16, 2013) - United Community Banks, Inc. (NASDAQ: UCBI) ("United" or the "Company"), the holding company of United Community Bank, today announced its add-on offering of $5,416,000 aggregate principal amount of 6.00% Senior Notes due August 13, 2018 (the "Notes").

These additional Notes will form a part of the same series as, and are fungible with, the $34,584,000 outstanding principal amount of United's 6.00% Senior Notes due August 13, 2018 issued on August 12, 2013. Upon completion of this offering, the aggregate principal amount of outstanding notes of this series will be $40,000,000. The interest rate on the 6.00% Senior Notes due August 13, 2018 was determined by an auction process held before the original issuance. There will be no auction in connection with this Notes offering.

The Company intends to use the net cash proceeds from this offering for general corporate purposes, which may include the redemption or repurchase of certain of its debt securities. On August 14, 2013, the Company gave notice of its intent to redeem its existing $35,000,000 aggregate principal amount of Subordinated Step-Up Notes due September 30, 2015 at a price equal to 100% of the principal amount plus accrued and unpaid interest. The intended redemption date for the Subordinated Notes is September 30, 2013.

Macquarie Capital is acting as Program Arranger and Joint Book-Running Manager and Goldman, Sachs & Co. is acting as Joint Book-Running Manager for this offering.

A shelf registration statement relating to the public offering of the Notes was filed previously by United with the Securities and Exchange Commission ("SEC") and is effective. A pricing supplement related to the offering has been filed with the SEC and is available on the SEC's website at www.sec.gov. The offering may be made only by means of a prospectus and a related prospectus supplement and pricing supplement, copies of which may be obtained from Macquarie Capital (USA) Inc., 125 West 55th Street, New York, NY 10019, Attention: Prospectus Department, by email: us.prospectus@macquarie.com or by telephone: 1-888-268-3937; or Goldman, Sachs & Co., 200 West Street, New York, NY 10282, by email: prospectus-ny@ny.email.gs.com or by telephone: 1-866-471-2526.

This news release does not constitute an offer to sell or the solicitation of an offer to buy any securities of United, nor shall there be any sale of these securities in any jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

About United Community Banks, Inc.
Headquartered in Blairsville, United Community Banks, Inc. is the third-largest bank holding company in Georgia. United has assets of $7.2 billion and operates 103 banking offices throughout north Georgia, the Atlanta region, coastal Georgia, western North Carolina, east Tennessee and western South Carolina. United specializes in providing personalized community banking services to individuals and small to mid-size businesses and also offers the convenience of 24-hour access through a network of ATMs, telephone and on-line banking. United's common stock is listed on the Nasdaq Global Select Market under the symbol UCBI. Additional information may be found at United's website at www.ucbi.com.

Safe Harbor
This news release contains forward-looking statements, as defined by federal securities laws, including statements about United's financial outlook and business environment. These statements are based on current expectations and are provided to assist in the understanding of future financial performance. Such performance involves risks and uncertainties that may cause actual results to differ materially from those expressed or implied in any such statements. For a discussion of some of the risks and other factors that may cause such forward-looking statements to differ materially from actual results, please refer to United's filings with the SEC including its 2012 Annual Report on Form 10-K and Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2013 under the sections entitled "Forward-Looking Statements" and "Risk Factors." Forward-looking statements speak only as of the date they are made, and we undertake no obligation to update or revise forward-looking statements.

Contact:
For more information:
Rex S. Schuette
Chief Financial Officer
(706) 781-2266
Email Contact
View Comments (0)