By Cristal Cody
Tupelo, Miss., March 21 – Simmons First National Corp. priced an upsized $330 million of 5% 10-year fixed-to-floating rate subordinated notes (Kroll: BBB) at par to yield Treasuries plus 210 basis points on Wednesday, according to an FWP filing with the Securities and Exchange Commission.
The deal was upsized from $300 million.
The rate will reset April 1, 2023 to a floating rate of Libor plus 215 bps.
Sandler O’Neill + Partners, LP was the bookrunning manager. Keefe, Bruyette & Woods, Inc. and Stephens Inc. were also bookrunners.
Proceeds from the deal will be used to repay about $222 million of senior debt and trust preferred securities, with the remainder used for general corporate needs.
Simmons First National is a Pine Bluff, Ark.-based financial holding company.
| Issuer: | Simmons First National Corp.
|
| Amount: | $330 million
|
| Description: | Fixed-to-floating rate subordinated notes
|
| Maturity: | April 1, 2028
|
| Lead bookrunner: | Sandler O’Neill + Partners, LP
|
| Bookrunners: | Keefe, Bruyette & Woods, Inc. and Stephens Inc.
|
| Coupon: | 5%; resets April 1, 2023 to floating rate of Libor plus 215 bps
|
| Price: | Par
|
| Yield: | 5%
|
| Spread: | Treasuries plus 210 bps
|
| Call features: | April 1, 2023 and thereafter at par
|
| Trade date: | March 21
|
| Settlement date: | March 26
|
| Rating: | Kroll: BBB
|
| Distribution: | SEC registered
|
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