Loan & DebtMay 5, 2026, 04:39 PM
Fulton Financial Completes $300M Subordinated Notes Offering
AI Summary
Fulton Financial Corporation completed its $300 million public offering of 5.950% Fixed-to-Floating Rate Subordinated Notes due 2036. The company intends to use the net proceeds to repay $195 million of its outstanding 3.250% Fixed-to-Floating Rate Subordinated Notes due 2030 and for general corporate purposes. The new notes are subordinated, unsecured obligations with a fixed interest rate until May 2031, then a floating rate.
Key Highlights
- Completed public offering of $300,000,000 aggregate principal amount of 5.950% Fixed-to-Floating Rate Subordinated Notes.
- Notes bear a fixed interest rate of 5.950% per annum from May 5, 2026, to May 15, 2031.
- Floating rate thereafter: Three-Month Term SOFR plus 217 basis points until May 15, 2036.
- Net proceeds will repay $195,000,000 of outstanding 3.250% Subordinated Notes due 2030.
- Notes mature on May 15, 2036, and are callable by the company from May 15, 2031.
- Notes rank junior to senior indebtedness and equal to existing subordinated indebtedness.
Price Impact
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