secwatch.observer — SEC 8-K summary
======================================

Issuer:     Stellar Bancorp, Inc. (STEL)
CIK:        0001473844
Form:       8-K
Filed at:   2024-12-18T23:59:59+00:00
Accession:  0001473844-24-000046
Event type: debt
Sentiment:  neutral
Materiality: 0.75
Item codes: 1.01, 2.03, 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

- 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%).

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1473844/000147384424000046/0001473844-24-000046-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1473844/000147384424000046/stel-20241213.htm
  HTML page:      https://secwatch.observer/filing/0001473844-24-000046

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer