Nashville, Tenn.-based Pinnacle Financial Partners Inc. filed a prospectus for an offering of $300 million aggregate principal amount of fixed-to-floating rate subordinated notes due 2029.
The net proceeds are anticipated to be used to redeem certain of Pinnacle Financial's and Pinnacle Bank's subordinated notes, including approximately $88.8 million aggregate principal amount, as of June 30, of outstanding subordinated notes issued by it following the closing of this offering. Pinnacle Financial also intends to redeem $130.0 million aggregate principal amount of outstanding subordinated notes issued by the bank after such notes become eligible for redemption on July 30, 2020.
Sandler O'Neill & Partners LP is the book-running manager of the offering, while Piper Jaffray is the co-manager.
