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Simmons First enters into credit facility to refinance debt obligations

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Simmons First enters into credit facility to refinance debt obligations

Simmons First National Corp. on Oct. 6 entered into a $75 million revolving credit facility with U.S. Bank NA.

Proceeds will go toward the refinancing of debt obligations that Simmons expects to assume in connection with its pending deals. Pine Bluff, Ark.-based Simmons is acquiring First Texas BHC Inc. and Southwest Bancorp Inc. and has recently closed the purchase of Heartland Bank.

Loans under the agreement will bear an interest rate equal to one-month London Interbank Offered Rate rate plus 1.50%. The agreement expires Oct. 5, 2018.