3.250% Fixed-to-Floating Subordinated Notes due 2030
Note · Fulton Financial Corporation
Reference: 3.250% Fixed-to-Floating Subordinated Notes due 2030
- Original principal
- USD 200,000,000
- Outstanding
- —
- Commitment
- —
- Availability
- —
- Maturity
- Mar 15, 2030
Last reported interest terms: 3.25% a benchmark rate, which is expected to be Three-Month Term SOFR (as defined in the Second Supplemental Indenture), plus 230 basis points Reported 2020-03-03 Later filings may not restate these terms; this does not confirm they still apply.
Covenant terms for this agreement are not yet verified.
Documents and filing history
- Issuance · 8-K · 2020-03-03 — FORM 8-K
-
Issuance
· 2020-03-03
Original principal USD 200,000,000 Exact source document
Parent 8-K filing · 2020-03-03
On March 3, 2020, Fulton Financial Corporation (“Fulton”) issued and sold $200,000,000 aggregate principal amount of its 3.250% Fixed-to-Floating Subordinated Notes due 2030 (the “2030 Notes”) and $175,000,000 aggregate principal amount of its 3.750% Fixed-to-Floating Subordinated Notes due 2035 (the “2035 Notes” and, together with the 2030 Notes, the “Notes”). The Notes were offered and sold pursuant to Fulton’s registration statement on Form S-3 (Registration No. 333-221393) filed with the Securities and Exchange Commission on November 7, 2017, and the prospectus contained therein, as supplemented by the prospectus supplement dated February 25, 2020, relating to the 2030 Notes, and the prospectus supplement, dated February 25, 2020, relating to the 2035 Notes. The Notes will initially be treated as Tier 2 capital for regulatory purposes.
Issuer evidence: On March 3, 2020, Fulton Financial Corporation (“Fulton”) issued and sold $200,000,000 aggregate principal amount of its 3.250% Fixed-to-Floating Subordinated Notes due 2030 (the “2030 Notes”) and $175,000,000 aggregate principal amount of its 3.750% Fixed-to-Floating Subordinated Notes due 2035 (the “2035 Notes” and, together with the 2030 Notes, the “Notes”). The Notes were offered and sold pursuant to Fulton’s registration statement on Form S-3 (Registration No. 333-221393) filed with the Securities and Exchange Commission on November 7, 2017, and the prospectus contained therein, as supplemented by the prospectus supplement dated February 25, 2020, relating to the 2030 Notes, and the prospectus supplement, dated February 25, 2020, relating to the 2035 Notes. The Notes will initially be treated as Tier 2 capital for regulatory purposes.
Supporting evidence: From and including the date of issuance to, but excluding, March 15, 2025, or earlier redemption date, the 2030 Notes will bear interest at an initial fixed rate of 3.250% per annum, payable semi-annually in arrears on March 15 and September 15 of each year, commencing on September 15, 2020. From and including March 15, 2025 to, but excluding, March 15, 2030, or earlier redemption date, the 2030 Notes will bear interest at a floating rate per annum equal to a benchmark rate, which is expected to be Three-Month Term SOFR (as defined in the Second Supplemental Indenture), plus 230 basis points, payable quarterly in arrears on March 15, June 15, September 15 and December 15 of each year, commencing on June 15, 2025. Notwithstanding the foregoing, if the benchmark rate is less than zero, then the benchmark rate shall be deemed to be zero.
Supporting evidence: On March 3, 2020, Fulton Financial Corporation (“Fulton”) issued and sold $200,000,000 aggregate principal amount of its 3.250% Fixed-to-Floating Subordinated Notes due 2030 (the “2030 Notes”) and $175,000,000 aggregate principal amount of its 3.750% Fixed-to-Floating Subordinated Notes due 2035 (the “2035 Notes” and, together with the 2030 Notes, the “Notes”). The Notes were offered and sold pursuant to Fulton’s registration statement on Form S-3 (Registration No. 333-221393) filed with the Securities and Exchange Commission on November 7, 2017, and the prospectus contained therein, as supplemented by the prospectus supplement dated February 25, 2020, relating to the 2030 Notes, and the prospectus supplement, dated February 25, 2020, relating to the 2035 Notes. The Notes will initially be treated as Tier 2 capital for regulatory purposes.