New Issue: First Bancshares places $65 million 10-year fixed-to-floaters with 4.25% initial rate

By Taylor Fox

New York, Sept. 25 – First Bancshares, Inc. said it has settled a $65 million private placement of fixed-to-floating rate subordinated notes, according to a news release.

Keefe, Bruyette and Woods, Inc., A Stifel Co.; Janney Montgomery Scott LLC and Hovde Group, LLC were the agents.

Interest accrues at 4.25% per year until Oct. 1, 2025. From then onward, the notes will bear interest at a floating rate equal to Libor plus 412.6 basis points.

Proceeds will be used for general corporate purposes.

First Bancshares is a Mountain Grove, Mo., community bank.

Issuer:	First Bancshares, Inc.
Issue:	Fixed-to-floating rate subordinated notes
Amount:	$65 million
Maturity:	Oct. 1, 2030
Agents:	Keefe, Bruyette and Woods, Inc., A Stifel Co.; Janney Montgomery Scott LLC and Hovde Group, LLC
Coupon:	4.25% until Oct. 1, 2025, then at Libor plus 412.6 bps
Call feature:	Non-callable for five years, then callable at par
Settlement date:	Sept. 25
Distribution:	Private placement

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