Stellar Bancorp (STEL) retires $30M 4.70% subordinated notes due 2029
Filing Impact
Filing Sentiment
Form Type
8-K
Rhea-AI Filing Summary
Stellar Bancorp, Inc. redeemed the remaining $30.0 million aggregate principal amount of its 4.70% Fixed-to-Floating Rate Subordinated Notes due 2029 on April 1, 2026.
The redemption price was 100% of the principal amount plus accrued and unpaid interest to, but excluding, the redemption date, resulting in all outstanding Notes being redeemed.
Positive
- None.
Negative
- None.
8-K Event Classification
2 items: 7.01, 9.01
2 items
Item 7.01
Regulation FD Disclosure
Disclosure
Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Key Figures
Redeemed principal: $30.0 million
Coupon rate: 4.70%
Redemption price: 100% of principal
+2 more
5 metrics
Redeemed principal
$30.0 million
Aggregate principal amount of subordinated notes redeemed
Coupon rate
4.70%
Fixed-to-Floating Rate on subordinated notes due 2029
Redemption price
100% of principal
Plus accrued and unpaid interest to redemption date
Maturity year
2029
Original maturity of redeemed subordinated notes
Redemption date
April 1, 2026
Date all outstanding notes were redeemed
Key Terms
Fixed-to-Floating Rate Subordinated Notes, Regulation FD Disclosure, Emerging growth company, Inline XBRL
4 terms
Fixed-to-Floating Rate Subordinated Notes financial
"4.70% Fixed-to-Floating Rate Subordinated Notes due 2029"
A fixed-to-floating rate subordinated note is a debt security that pays a set interest rate for an initial period and then switches to a variable rate tied to a market benchmark; it ranks below senior debt for repayment if the issuer has financial trouble. Investors care because it offers higher initial yield than senior bonds but carries greater credit and repayment risk and exposes holders to changing interest costs after the switch, like moving from a steady paycheck to one that fluctuates with the economy.
Regulation FD Disclosure regulatory
"Item 7.01 Regulation FD Disclosure Redemption of Subordinated Notes."
Emerging growth company regulatory
"Emerging growth company"
An emerging growth company is a recently public or smaller public firm that qualifies for temporary, lighter regulatory and disclosure rules to reduce the cost and effort of being public. For investors, it means the company may provide less historical financial detail and face fewer reporting requirements than larger firms, so it can grow more quickly but also carries higher uncertainty—like buying a promising early-stage product with fewer user reviews.
Inline XBRL technical
"Cover Page Interactive Data File (embedded within the Inline XBRL document)"
Inline XBRL is a file format for financial filings that embeds machine-readable data tags directly inside the human-readable report, so the same document can be read by people and parsed by software. For investors it makes extracting, comparing and verifying financial numbers faster and more reliable—like a grocery list where each item also has a barcode—reducing manual errors and speeding up analysis.
FAQ
What did Stellar Bancorp, Inc. (STEL) announce in this 8-K?
Stellar Bancorp, Inc. announced it redeemed the remaining $30.0 million principal of its 4.70% Fixed-to-Floating Rate Subordinated Notes due 2029. The redemption occurred on April 1, 2026, at 100% of principal plus accrued and unpaid interest to the redemption date.
How much of Stellar Bancorp (STEL) subordinated notes were redeemed?
Stellar Bancorp redeemed $30.0 million aggregate principal amount of its 4.70% Fixed-to-Floating Rate Subordinated Notes due 2029. This redemption covered the remaining outstanding notes, meaning all of these subordinated notes were fully redeemed as of April 1, 2026.
What was the interest rate on Stellar Bancorp (STEL) redeemed notes?
The redeemed subordinated notes carried a 4.70% Fixed-to-Floating interest rate. This means they initially paid a fixed 4.70% coupon before switching to a floating rate structure, as described, until Stellar Bancorp fully redeemed them on April 1, 2026.
At what price did Stellar Bancorp (STEL) redeem its subordinated notes?
Stellar Bancorp redeemed the subordinated notes at 100% of their principal amount, plus accrued and unpaid interest to, but excluding, the April 1, 2026 redemption date. This redemption price reflects par repayment along with interest earned up to that date.
Are any of Stellar Bancorp (STEL) 4.70% subordinated notes still outstanding?
No, none of these notes remain outstanding. The company stated the April 1, 2026 transaction resulted in the redemption of all outstanding 4.70% Fixed-to-Floating Rate Subordinated Notes due 2029, fully retiring this specific subordinated debt issue.
Under which item was this Stellar Bancorp (STEL) note redemption disclosed?
The note redemption was disclosed under Item 7.01, Regulation FD Disclosure. The company also clarified that the information provided under this item is furnished, not filed, and is not deemed incorporated by reference into Securities Act or Exchange Act filings unless specifically referenced.
Filing Exhibits & Attachments
3 documents
Stellar Bancorp Inc