Co-manager
Renasant Corporation
Debt Capital Markets
Subordinated Notes
Transaction Details
- On September 3, 2020, Renasant Corporation (Nasdaq: RNST) (the “Company”), the parent company of Renasant Bank (the “Bank”), announced that it has closed its public offering of $100 million of Fixed-to-Floating Rate Subordinated Notes (the “Notes”) due 2035
- The Notes bear a fixed rate of 4.50% for the first 10 years and will bear interest at a floating rate equal to a benchmark rate, which is expected to be Three-Month Term SOFR, plus a spread of 402.5 basis points thereafter, until the Notes mature on September 15, 2035 or the date of earlier redemption
- The Company will have the option to redeem the Notes on or after September 15, 2030
- Kroll Bond Rating Agency rated the Notes BBB
- The Company intends to use the net proceeds from the Notes offering for general corporate purposes, which may include providing capital to support the Company's organic growth or growth through strategic acquisitions, repaying indebtedness, financing investments, capital expenditures and for investments in the Bank as regulatory capital
About the company
Renasant Corporation, a 116 year-old financial services institution, is the parent of Renasant Bank. Renasant has assets of approximately $14.9 billion and operates more than 200 banking, mortgage, and wealth management offices throughout Mississippi, Tennessee, Alabama, Florida and Georgia.
Sources: Company Filings.
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