Renasant to sell 15-year fixed-to-floating subordinated notes

By James McCandless

San Antonio, Aug. 31 – Renasant Corp. plans to price an offering of $1,000-par fixed-to-floating rate subordinated notes due 2035, according to a filing with a Securities and Exchange Commission.

Piper Sandler & Co., Keefe, Bruyette & Woods, Inc. and Raymond James & Associates, Inc. are the bookrunners.

The co-manager is Stephens Inc.

Coupons are payable semiannually until the coupon converts to a floating rate in 2030, then the coupons will be payable quarterly.

After 10 years, the coupon converts to a floating rate of the three-month SOFR plus a spread.

The notes are redeemable after 10 years at par. Prior to that, the notes are redeemable after a tax event, tier 2 capital event, or if the company is required to register as an investment company at par.

Renasant plans to use the proceeds for general corporate purposes, which may include providing capital to support its organic growth or growth through strategic acquisitions, repaying debt, financing investments, capital expenditures and for investments in the bank as regulatory capital.

The company does not plan to list the notes on any securities exchange.

Renasant is a Tupelo, Miss.-based bank holding company.

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