Co-Manager
Sandy Springs Bancorp
Debt Capital Markets
Subordinated Notes
Transaction Details
- On March 18, 2022, Sandy Spring Bancorp, Inc. (Nasdaq: SASR) (the “Company”), the holding company for Sandy Spring Bank, completed its underwritten public offering of $200 million Fixed-to-Floating Rate Subordinated Notes (the “Notes”) due 2032
- The Notes will initially bear a fixed interest rate of 3.875% per year, and commencing on March 30, 2027, the Notes will bear interest at a floating rate per annum equal to the benchmark rate (which is expected to be the three-month SOFR rate) plus a spread of 196.5 basis points
- The Company will have the option to redeem the Notes on or after March 30, 2027
- Kroll Bond Rating Agency rated the Notes BBB
- The Company plans to use the net proceeds from the Notes offering for general corporate purposes, which include providing capital to support growth, investing in the Bank as regulatory capital, and, to the extent authorized by the board of directors, repurchasing the Company’s common shares
About the company
Sandy Spring Bancorp, Inc., headquartered in Olney, Maryland, is the holding company for Sandy Spring Bank, a premier community bank in the Greater Washington, D.C. region. With over 50 locations, the bank offers a broad range of commercial and retail banking, mortgage, private banking, and trust services throughout Maryland, Northern Virginia, and Washington, D.C. Through its subsidiaries, Rembert Pendleton Jackson, Sandy Spring Insurance Corporation and West Financial Services, Inc., Sandy Spring Bank also offers a comprehensive menu of insurance and wealth management services.
Sources: Company Filings
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