Commencing December 1, 2020, the interest rate on the Notes resets quarterly to an annual interest rate equal to the then-current three-month LIBOR plus 389 basis points, payable quarterly in arrears. The Company plans to use the net proceeds from this offering for general corporate purposes, reduced indebtedness, potential strategic acquisitions and investments in LegacyTexas Bank as regulatory capital. The offering is expected to close on September 20, 2016, subject to customary closing conditions.