Stellar Bancorp ups revolving credit line to $75M and redeems $40M subordinated notes

Stellar Bancorp, Inc.

New $75M revolving credit line from Frost Bank at 3-month SOFR + 2.75%, maturing Dec 13, 2033.
Interest-only through Dec 13, 2026; then 84-month amortization; $0 drawn as of Dec 13, 2024.
Stellar Bank redeemed all $40M subordinated notes due 2027 at par plus accrued interest; no draw on line.
Financial covenants tightened: max Texas ratio reduced to 20% (from 25%); min Tier 1 leverage raised to 8% (from 7%).

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