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Franklin Financial Network prices subordinated notes

Franklin, Tenn.-based Franklin Financial Network Inc. priced $40 million ofits fixed-to-floating rate subordinatednotes due 2026, according to a March 30 news release.

The notes will initially bear interest at 6.875% per annum,payable semiannually in arrears to, but excluding, March 30, 2021, andthereafter payable quarterly in arrears at an annual floating rate equal tothree-month LIBOR as determined for the applicable quarterly period, plus aspread of 5.636%.

Franklin Financial Network intends to use the net proceedsfrom the offering, in part, to pay down a line of credit it used to redeem $10 million ofpreferred stock issued to the U.S. Department of the Treasury under the SmallBusiness Lending Fund program. The company plans to use any remaining netproceeds from the sale of the notes for general corporate purposes.

BofA Merrill Lynch is acting as the sole book-runningmanager for the notes offering and Raymond James is acting as the lead manager.