Co-Placement Agent
FB Financial Corporation
Debt Capital Markets
Subordinated Notes
Transaction Details
- On August 31, 2020, FB Financial Corporation, parent company of FirstBank, announced the completion of FirstBank’s private placement of $100 million of its fixed-to-floating rate subordinated notes due 2030 (the “Notes”)
- The Notes bear a fixed rate of 4.50% for the first 5 years and a floating rate of 3-month SOFR plus a spread of 439 basis points thereafter, until the Notes mature on September 1, 2030
- The Notes have been structured to qualify as Tier 2 capital for regulatory capital purposes
- The Kroll Bond Rating Agency assigned a rating of BBB to the Notes
- FirstBank intends to use the net proceeds for general corporate purposes
About the company
FB Financial Corporation is a bank holding company headquartered in Nashville, Tennessee. FB Financial operates through its wholly owned banking subsidiary, FirstBank, the third largest Tennessee-headquartered bank, with 87 full-service bank branches across Tennessee, South Central Kentucky, North Alabama and North Georgia and a national mortgage business with offices across the Southeast. FirstBank serves five of the largest metropolitan markets in Tennessee and has approximately $11.0 billion in assets. For more information visit: https://www.firstbankonline.com/.
Sources: Company Filings and Press Release.
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