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Lead Placement Agent

The First Bancshares, Inc.

$42 Million 04/30/2018 Depository Complete
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Transaction Details

  • On April 30, 2018, First Bancshares, Inc. (the “Company”) announced that it has completed a private placement of $66 million in aggregate principal amount of subordinated notes (the “Notes”)
  • 15-year subordinated notes are fixed-to-floating; non-callable for 10 years with a stated maturity of May 1, 2033 (“2033 notes”). The 2033 notes have a fixed rate of 6.400% for the first 10 years and a floating rate of 3-month LIBOR plus 339 basis points thereafter
  • 10-year subordinated notes are fixed-to-floating; non-callable for 5 years with a stated maturity of May 1, 2028 (“2028 notes”). The 2028 notes have a fixed rate of 5.875% for the first 5 years and a floating rate of 3-month LIBOR plus 294 basis points thereafter
  • The Notes have been structured to qualify as Tier 2 capital for the Company under applicable regulatory guidelines
  • Issue ratings:
  • Subordinated Notes: BBB- (Kroll Bond Rating Agency)
  • Transaction proceeds will be used to repay the Company’s existing line of credit, increase bank level capital ratios, reserve for holding company cash obligations and general corporate purposes

About the company

The First Bancshares, Inc., headquartered in Hattiesburg, Mississippi, is the parent company of The First, A National Banking Association. Founded in 1996, the Company has operations in Mississippi, Louisiana, Alabama and Florida. The Company’s stock is traded on the NASDAQ Global Market under the symbol FBMS. Information is available on the Company’s website: www.thefirstbank.com

Sources: Company documents.
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