Fulton Financial launches subordinated notes offering.
Global Banking News-June 9, 2015--Fulton Financial launches subordinated notes offering
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Global Banking News - 09 June 2015
Fulton Financial Corporation (NASDAQ: FULT) has said that subject to market and other conditions, it plans to offer USD150m of its 4.50 percent Subordinated Notes due 2024, in a reopening of the existing series of such notes, in an underwritten public offering.
The subordinated notes, which will not be redeemable prior to their maturity, are intended to qualify as Tier-2 capital for regulatory purposes. Sandler O'Neill + Partners, L.P. and Keefe, Bruyette & Woods, Inc. are acting as the joint book-running managers for the offering.
Net proceeds of the offering will be used to fund the anticipated redemption of its 6.29 percent Junior Subordinated Deferrable Interest Debt Securities due 2036 in accordance with their terms, subject to the successful consummation of the offering. The consummation of the offering is not conditioned upon, or subject to, the redemption of the Junior Subordinated Debentures. The redemption of the Junior Subordinated Debentures will result in the redemption of 100 percent of the outstanding 6.29 percent Capital Securities issued by Fulton Capital Trust I, it said.
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