SIMMONS FIRST NATIONAL CORPORATION ANNOUNCES PRICING OF OFFERING OF SUBORDINATED NOTES
Simmons First National Corporation (NASDAQ: SFNC) has announced the pricing of $325 million in Fixed-to-Floating Rate Subordinated Notes due 2035 at a rate of 6.25%. The notes were priced at par, with the offering expected to close around September 12, 2025.
The company plans to use the proceeds, combined with cash on hand, to fully repay its outstanding $330 million Fixed-to-Floating Rate Subordinated Notes due 2028. Keefe, Bruyette & Woods and Morgan Stanley are serving as joint book-running managers for the offering, with Piper Sandler, Raymond James, and Stephens Inc. acting as co-managers.
Simmons First National Corporation (NASDAQ: SFNC) ha comunicato il prezzo di emissione di 325 milioni di dollari in obbligazioni subordinate a tasso fisso/variabile con scadenza 2035, con un rendimento del 6,25%. Le note sono state emesse alla pari e il collocamento dovrebbe concludersi intorno al 12 settembre 2025.
La societ脿 intende utilizzare il ricavato, insieme alla liquidit脿 disponibile, per estinguere integralmente le proprie obbligazioni subordinate a tasso fisso/variabile da 330 milioni di dollari in scadenza nel 2028. Keefe, Bruyette & Woods e Morgan Stanley agiranno come joint book-running manager dell鈥檕fferta, mentre Piper Sandler, Raymond James e Stephens Inc. saranno co-manager.
Simmons First National Corporation (NASDAQ: SFNC) ha anunciado el precio de 325 millones de d贸lares en notas subordinadas con conversi贸n de tasa fija a flotante con vencimiento en 2035, a una tasa del 6,25%. Las notas se colocaron a la par y se espera que la oferta se cierre alrededor del 12 de septiembre de 2025.
La compa帽铆a planea usar los fondos, junto con efectivo disponible, para reembolsar totalmente sus notas subordinadas con conversi贸n de tasa fija a flotante por 330 millones de d贸lares con vencimiento en 2028. Keefe, Bruyette & Woods y Morgan Stanley act煤an como joint book-running managers de la oferta, y Piper Sandler, Raymond James y Stephens Inc. como co-managers.
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Simmons First National Corporation (NASDAQ: SFNC) a annonc茅 le prix d鈥櫭﹎ission de 325 millions de dollars de billets subordonn茅s 脿 taux fixe puis variable arrivant 脿 茅ch茅ance en 2035, au taux de 6,25%. Les titres ont 茅t茅 茅mis 脿 leur valeur nominale et l鈥檕ffre devrait se cl么turer aux alentours du 12 septembre 2025.
La soci茅t茅 pr茅voit d鈥檜tiliser le produit de l鈥櫭﹎ission, compl茅t茅 par sa tr茅sorerie, pour rembourser int茅gralement ses billets subordonn茅s 脿 taux fixe/variable de 330 millions de dollars arrivant 脿 茅ch茅ance en 2028. Keefe, Bruyette & Woods et Morgan Stanley assurent la co-direction du livre, tandis que Piper Sandler, Raymond James et Stephens Inc. interviennent comme co-gestionnaires.
Simmons First National Corporation (NASDAQ: SFNC) hat die Preisfestsetzung f眉r 325 Millionen US-Dollar an Inhaberschuldverschreibungen mit Umstellung von Fest- auf Variabelzins und F盲lligkeit 2035 zu einem Zinssatz von 6,25% bekanntgegeben. Die Notes wurden zum Nennwert begeben; der Abschluss des Angebots wird voraussichtlich um den 12. September 2025 erfolgen.
Das Unternehmen beabsichtigt, die Erl枚se zusammen mit vorhandenen liquiden Mitteln zur vollst盲ndigen R眉ckzahlung seiner ausstehenden 330 Millionen US-Dollar Fest-/Variabelzins-Subordinated Notes mit F盲lligkeit 2028 zu verwenden. Keefe, Bruyette & Woods und Morgan Stanley fungieren als gemeinsame Bookrunning-Manager, Piper Sandler, Raymond James und Stephens Inc. als Co-Manager.
- Refinancing of existing debt with new notes at competitive 6.25% rate
- Strong underwriting support from major financial institutions
- Company maintains consistent 116-year track record of paying cash dividends
- Slight increase in debt principal from $325M new notes vs repayment of $330M existing notes requiring additional cash on hand
- New debt extends maturity to 2035, representing a longer-term obligation
Insights
Simmons is refinancing debt with a longer-term note issuance, effectively extending maturities while maintaining similar capital structure.
Simmons First National Corporation has priced a
This transaction effectively extends the maturity profile of Simmons' debt by approximately 7 years, providing the bank holding company with enhanced financial flexibility and reducing near-term refinancing risk. While the total debt level remains essentially unchanged, this restructuring strengthens the bank's regulatory capital position as subordinated notes qualify as Tier 2 capital under banking regulations.
The pricing at par suggests market reception was neutral, neither requiring a discount to attract investors nor commanding a premium. The
By maintaining access to the debt capital markets through this transaction, Simmons demonstrates continued investor confidence in its financial health and operating model despite operating in a challenging banking environment. The move aligns with sound liability management practices by proactively addressing upcoming maturities well in advance.
The Company intends to use the net proceeds from the Offering, along with cash on hand, to repay in full the Company's outstanding
Keefe, Bruyette & Woods, A Stifel Company聽and Morgan Stanley are acting as joint book-running managers for the offering. Piper Sandler & Co., Raymond James & Associates, Inc. and Stephens Inc. are acting as co-managers for the offering.
The Company expects to close the offering, subject to customary conditions, on or about September 12, 2025.
The offering is being made pursuant to an effective automatic shelf registration statement (including a prospectus) on Form S-3ASR (File No. 333-279502) previously filed with the Securities and Exchange Commission ("SEC").聽 The offering may be made only by means of a prospectus supplement and accompanying prospectus.聽 The Notes will be issued pursuant to the Subordinated Indenture, dated as of March 26, 2018 (the "Base Indenture"), by and between the Company and Wilmington Trust, National Association, as trustee (the "Trustee"), as supplemented by a Second Supplemental Indenture (the "Second Supplemental Indenture" and, together with the Base Indenture, the "Indenture"), to be entered into by and between the Company and the Trustee. The Notes are not obligations of, and are not, and will not be, guaranteed by any of the Company's subsidiaries.
Before investing, interested parties should read the prospectus supplement, accompanying prospectus and other documents filed by the Company with the SEC for information about the Company and this offering. You may get these documents for free by visiting EDGAR on the SEC website at . Alternatively, a copy of the prospectus supplement and accompanying prospectus may be obtained from any of the following underwriters at:聽Keefe, Bruyette & Woods, A Stifel Company聽by telephone at (800) 966-1559 or by e-mail at [email protected]; Morgan Stanley & Co. LLC by mail at Prospectus Department, 180 Varick Street, 2nd Floor,
This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of, or any solicitation of an offer to buy, the Notes in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.聽 This press release does not constitute a notice of redemption under the indenture governing the 2028 Notes.聽 The Company will issue a separate notice of redemption in accordance with the terms of the indenture governing the 2028 Notes, which may include additional information concerning the redemption.
Simmons First National Corporation
Simmons First National Corporation (NASDAQ: SFNC) is a聽Mid-South聽based financial holding company that has paid cash dividends to its shareholders for 116 consecutive years. Its principal subsidiary, Simmons Bank, operates more than 220 branches in
Forward-Looking Statements
This press release contains statements related to the Offering that are not based on historical facts and constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, including regarding the anticipated use of the proceeds of the Offering and the repayment of the 2028 Notes. By nature, such forward-looking statements are based on various assumptions and involve inherent risks and uncertainties that could cause actual results to differ materially from those expressed in or implied by the forward-looking statements. Among other risks, there can be no guarantee that the board of directors of Simmons will redeem the 2028 Notes in full or in part. Additional information on other risk factors that could affect the forward-looking statements is included in the Company's annual report on Form 10-K for the year ended December 31, 2024, the Company's quarterly report on Form 10-Q for the three months ended June 30, 2025, and other reports that the Company has filed with or furnished to the Securities and Exchange Commission. Any forward-looking statement speaks only as of the date of this press release, and Simmons undertakes no obligation to update these forward-looking statements to reflect events or circumstances that occur after the date of this press release.
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FAQ
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