Loan & DebtMay 4, 2026, 05:09 PM
Renasant Prices $300M Fixed-to-Floating Rate Subordinated Notes Due 2036
AI Summary
Renasant Corporation announced the pricing of its public offering of $300 million aggregate principal amount of 6.25% Fixed-to-Floating Rate Subordinated Notes due 2036. The Notes will bear a fixed interest rate of 6.25% until June 1, 2031, then switch to a floating rate of Three-Month Term SOFR plus 245 basis points. Intended to qualify as Tier 2 capital, the net proceeds will be used for general corporate purposes, including the potential redemption of $40 million of existing subordinated notes. The offering is expected to close on May 7, 2026.
Key Highlights
- Renasant priced its public offering of $300 million aggregate principal amount of Subordinated Notes.
- The Notes will bear a fixed interest rate of 6.25% per annum until June 1, 2031.
- From June 1, 2031, the interest rate will be floating at Three-Month Term SOFR plus 245 basis points.
- The Notes are due in 2036 and are redeemable by the Company on or after June 1, 2031.
- The Notes are intended to qualify as Tier 2 capital for regulatory purposes.
- Net proceeds will be used for general corporate purposes, including potential redemption of $40 million existing notes.
- The offering is expected to close on May 7, 2026, subject to customary closing conditions.
Price Impact
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