Loan & DebtMay 7, 2026, 05:12 PM
Renasant Corp Prices $300M Subordinated Notes Due 2036 at 6.25%
AI Summary
Renasant Corporation announced the pricing and closing of its public offering of $300 million aggregate principal amount of 6.25% Fixed-to-Floating Rate Subordinated Notes due 2036. The offering closed on May 7, 2026, yielding net proceeds of approximately $295.7 million after deducting underwriting discounts and estimated expenses. The company intends to use these proceeds for general corporate purposes, including the potential redemption of $40 million of its existing 5.50% Fixed-to-Floating Rate Subordinated Notes due September 1, 2031. The new Notes are designed to qualify as Tier 2 capital for regulatory purposes.
Key Highlights
- Renasant Corp issued $300 million aggregate principal amount of 6.25% Fixed-to-Floating Rate Subordinated Notes due 2036.
- The Notes mature on June 1, 2036, with interest payable semi-annually at 6.25% until June 1, 2031.
- After June 1, 2031, the interest rate will be a floating rate of Three-Month Term SOFR plus 245 basis points, payable quarterly.
- The offering closed on May 7, 2026, generating net proceeds of approximately $295.7 million.
- Proceeds will be used for general corporate purposes, including potential redemption of $40 million of 5.50% Subordinated Notes due 2031.
- The Notes are intended to qualify as Tier 2 capital for regulatory purposes.
Price Impact
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