United Community Banks, Inc. Announces Upsizing and Pricing of Subordinated Notes Offering

Friday, January 12th, 2018

United Community Banks, Inc., the holding company of United Community Bank, announced the pricing of its underwritten public offering of $100,000,000 aggregate principal amount of 4.500% Fixed to Floating Rate Subordinated notes due January 30, 2028.  Due to market demand, United increased the aggregate amount of the Notes to $100.0 million from the previously announced amount of $85.0 million.  The Notes will initially bear interest at a rate of 4.500% per annum, payable semi-annually in arrears, with interest commencing on the issue date, to, but excluding, January 30, 2023, and, thereafter, payable quarterly in arrears at an annual floating rate equal to three-month LIBOR as determined for the applicable quarterly period, plus 2.120%. The Notes have been offered to the public at par. The offering is expected to close on or about January 18, 2018, subject to the satisfaction of customary closing conditions.

Morgan Stanley & Co. LLC and Sandler O'Neill + Partners, L.P. are acting as joint book-running managers for the offering.  Troutman Sanders LLP served as counsel to United in connection with the offering.  Kilpatrick Townsend & Stockton LLP served as counsel to the underwriters.