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Simmons First prices $330M debt offering


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Simmons First prices $330M debt offering

Simmons First National Corp. priced a $330 million offering of its fixed- to floating-rate subordinated notes.

The notes pay an annual interest rate of 5.00% until April 1, 2023, after which the interest rate will equal three-month London Interbank Offered Rate plus 215 basis points. The notes mature in 2028.

The offering is expected to close March 26. The company expects to use about $222.3 million of the net proceeds to repay outstanding debt and the remainder for general corporate purposes.

Sandler O'Neill & Partners LP is lead book-running manager. Keefe Bruyette & Woods and Stephens Inc. are joint book-running managers.

Simmons First is the Pine Bluff, Ark.-based holding company of Simmons Bank and Bank SNB. It had $15.06 billion in assets at the end of 2017.