Great Southern Bancorp, Inc. Announces Pricing of Subordinated Notes Offering

SPRINGFIELD, Mo., June 10, 2020 (GLOBE NEWSWIRE) -- Great Southern Bancorp, Inc. (NASDAQ: GSBC) (the “Company”), the holding company for Great Southern Bank (the “Bank”), today announced the pricing of its public offering of $75.0 million aggregate principal amount of 5.50% Fixed-to-Floating Rate Subordinated Notes due June 15, 2030 (the “Notes”). The price to the public is 100% of the principal amount of the Notes. Interest on the Notes initially will accrue at a rate equal to 5.50% per annum from and including June 15, 2020 to, but excluding, June 15, 2025 or the earlier redemption date, payable semi-annually in arrears. From and including June 15, 2025 to, but excluding, June 15, 2030 or the earlier redemption date, interest will accrue at a floating rate per annum equal to a benchmark rate, which is expected to be Three-Month Term SOFR (as defined in the indenture relating to the Notes), plus a spread of 532.5 basis points, payable quarterly in arrears. The Notes are intended to qualify as Tier 2 capital for regulatory purposes. The offering is expected to close on June 12, 2020, subject to the satisfaction of customary closing conditions.

Piper Sandler & Co. and Keefe, Bruyette & Woods, A Stifel Company are acting as book-running managers and Janney Montgomery Scott LLC is acting as co-manager for the offering.

The Company estimates that the net proceeds of the offering will be approximately $73.9 million, after deducting underwriting discounts and commissions, but before deducting estimated transaction expenses payable by the Company. The Company intends to use the net proceeds of the offering for general corporate purposes, which may include repayment or redemption of outstanding indebtedness, the payment of dividends, providing capital to support its organic growth or growth through strategic acquisitions, capital expenditures, financing investments, repurchasing shares of its common stock and for investments in the Bank as regulatory capital.

The offering is being made by means of a prospectus supplement and accompanying base prospectus. The Company has filed with the U.S. Securities and Exchange Commission (“SEC”) a registration statement (File No. 333-237548) and a preliminary prospectus supplement to the base prospectus contained in the registration statement for the Notes to which this communication relates. The Company will file a final prospectus supplement relating to the Notes. Prospective investors should read the prospectus supplement and the base prospectus in the registration statement and other documents the Company has filed or will file with the SEC for more complete information about the Company and the offering.