Great Southern nets $74M on bond offering

In less than a week, Great Southern Bancorp Inc. (Nasdaq: GSBC) completed its $75 million public bond offering.

The holding company of Great Southern Bank netted $73.9 million after figuring underwriting discounts and commissions from New York-based Sandler O'Neill & Partners LP, according to a news release.

The company first listed $50 million in bonds on Monday, followed by an increase to $75 million a day later.

Great Southern plans to use the proceeds for general corporate purposes, including capital for organic growth or potential acquisitions.  

The 5.3 percent fixed-to-floating rate subordinated notes are due Aug. 15, 2026. Subordinated debt refers to a loan or security that ranks less than other loans or securities. In the case of a default, subordinated debtholders would be paid after senior debtholders, according to Investopedia.com.

GSBC shares were trading at $39.92 as of 10:16 a.m., compared with a 52-week range of $34.48 to $52.94.