4.00% Fixed-to-Floating Rate Subordinated Notes due 2030
Note · NORTHWEST BANCSHARES, INC.
Reference: 4.00% Fixed-to-Floating Rate Subordinated Notes due 2030
- Original principal
- USD 125,000,000
- Outstanding
- —
- Commitment
- —
- Availability
- —
- Maturity
- Sep 15, 2030
Last reported interest terms: 4% the interest rate for each such Interest Period shall be equal to the then-current Three-Month Term SOFR for such Interest Period plus 389 basis points Reported 2020-09-09 Later filings may not restate these terms; this does not confirm they still apply.
Verified covenant terms
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Section 3.02(m)(7) · generally is unable to pay its debts
the Company pursuant to or within the meaning of any Bankruptcy Law generally is unable to pay its debts as the same become due.
Applies to every series under this agreement Section 3.02 Terms.
Full wording and supporting evidence
Source evidence: (7) the Company pursuant to or within the meaning of any Bankruptcy Law generally is unable to pay its debts as the same become due.
Target identity evidence: THIS FIRST SUPPLEMENTAL INDENTURE (this “Supplemental Indenture”), dated as of September 9, 2020, between NORTHWEST BANCSHARES, INC., a Maryland corporation (the “Company”), and U.S. BANK NATIONAL ASSOCIATION, a national banking association organized and existing under the laws of the United States of America, as trustee (“Trustee”).
Target identity evidence: The Company and the Trustee will have executed and delivered a Subordinated Debt Securities Indenture dated as of the date hereof (the “Base Indenture” and, as the same may from time to time be amended, supplemented or otherwise modified in accordance therewith, including by this Supplemental Indenture, the “Indenture”), to provide for the issuance from time to time by the Company of its unsecured subordinated indebtedness to be issued in one or more series as provided in the Indenture.
Documents and filing history
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Issuance
· 2020-09-09
Original principal USD 125,000,000 Exact source document
Parent 8-K filing · 2020-09-09
The Company desires to issue and sell on the date hereof One Hundred Twenty Five Million Dollars ($125,000,000) aggregate principal amount of a new series of Securities of the Company designated as its 4.00% Fixed-to-Floating Rate Subordinated Notes due 2030 (the “Notes”), and such issuance and sale have been authorized by resolutions duly adopted by the Board of Directors of the Company and by the Executive Committee of the Board of Directors of the Company.
Issuer evidence: THIS FIRST SUPPLEMENTAL INDENTURE (this “Supplemental Indenture”), dated as of September 9, 2020, between NORTHWEST BANCSHARES, INC., a Maryland corporation (the “Company”), and U.S. BANK NATIONAL ASSOCIATION, a national banking association organized and existing under the laws of the United States of America, as trustee (“Trustee”).
Supporting evidence: (d) *Maturity Date*. The entire outstanding Principal of the Notes shall be payable on September 15, 2030 (the “Maturity Date”).
Supporting evidence: (i) The Notes will bear interest at a fixed rate of 4.00% per annum from and including September 9, 2020, to but excluding September 15, 2025, or earlier Redemption Date (the “Fixed Rate Period”). Interest accrued on the Notes during the Fixed Rate Period will be payable semi-annually in arrears on March 15 and September 15 of each year, commencing on March 15, 2021 (each such date, a “Fixed Rate Interest Payment Date”). The last Fixed Rate Interest Payment Date shall be September 15, 2025, unless the Notes are earlier redeemed. The interest payable during the Fixed Rate Period will be paid to each Holder in whose name a Note is registered at the close of business on the fifteenth day (whether or not a Business Day) immediately preceding the applicable Fixed Rate Interest Payment Date.
Supporting evidence: (ii) The Notes will bear a floating interest rate from and including September 15, 2025, to but excluding the Maturity Date or earlier Redemption Date (the “Floating Rate Period”). The floating interest rate will be reset for each Interest Period in the Floating Rate Period, and the interest rate for each such Interest Period shall be equal to the then-current Three-Month Term SOFR for such Interest Period plus 389 basis points, provided that if Three-Month Term SOFR (or other applicable Benchmark) is less than zero for any Interest Period during the Floating Rate Period, then Three-Month Term SOFR (or other such Benchmark) shall be deemed to be zero for such Interest Period. During the Floating Rate Period, interest on the Notes will be payable quarterly in arrears on March 15, June 15, September 15 and December 15 of each year, commencing on December 15, 2025 (each such date, a “Floating Rate Interest Payment Date” and, together with each Fixed Rate Interest Payment Date, each an “Interest Payment Date”). The last Floating Rate Interest Payment Date shall be September 15, 2030, unless the Notes are earlier redeemed. The interest payable during the Floating Rate Period will be paid to each Holder in whose name a Note is registered at the close of business on the fifteenth day (whether or not a Business Day) immediately preceding the applicable Floating Rate Interest Payment Date. The Calculation Agent will provide the Company and the Trustee with the interest rate in effect for each Interest Period during the Floating Rate Period promptly after the Reference Time therefor (or other date of determination for the applicable Benchmark).
Supporting evidence: The Company desires to issue and sell on the date hereof One Hundred Twenty Five Million Dollars ($125,000,000) aggregate principal amount of a new series of Securities of the Company designated as its 4.00% Fixed-to-Floating Rate Subordinated Notes due 2030 (the “Notes”), and such issuance and sale have been authorized by resolutions duly adopted by the Board of Directors of the Company and by the Executive Committee of the Board of Directors of the Company.
Supporting evidence: The Company desires to issue and sell on the date hereof One Hundred Twenty Five Million Dollars ($125,000,000) aggregate principal amount of a new series of Securities of the Company designated as its 4.00% Fixed-to-Floating Rate Subordinated Notes due 2030 (the “Notes”), and such issuance and sale have been authorized by resolutions duly adopted by the Board of Directors of the Company and by the Executive Committee of the Board of Directors of the Company.