F.N.B. Corporation Prices New Senior Notes Offering
F.N.B. Corporation (NYSE: FNB) has announced the pricing for its latest offering of senior notes totaling $500 million. These fixed rate and floating rate senior notes are due in 2030. With a fixed interest rate of 5.722% per annum, interest payments will be made semi-annually, starting from June 11, 2025. Following December 11, 2029, the notes will transition to a variable interest rate based on Compounded SOFR, enhanced by 1.93%, and will be paid quarterly up until maturity.
Purpose of the Offering
The funds raised from this offering will be allocated for various corporate purposes. These may encompass investments at the holding company level, expansion capital for the banking subsidiary, and refinancing of existing debt obligations.
Lead Managers of the Offering
Morgan Stanley & Co. LLC, along with BofA Securities, Inc. and WauBank Securities LLC, have taken on the role of joint book-running managers for this substantial offering. Additionally, Bancroft Capital, LLC, BMO Capital Markets Corp., Goldman Sachs & Co. LLC, and Piper Sandler & Co. are contributing as co-managers.
Regulatory Compliance and Investor Information
F.N.B. Corporation has complied with necessary regulations by filing a shelf registration statement that includes a base prospectus with the U.S. Securities and Exchange Commission (SEC). Investors considering participation in this offering are encouraged to review all related documents for detailed insights into the offering and its associated risks.
Company Overview
F.N.B. Corporation operates a vast banking network, highlighted by its flagship entity, First National Bank of Pennsylvania, established in 1864. The company provides a comprehensive array of commercial banking, consumer products, and wealth management services, effectively addressing the needs of diverse clientele. With around 350 banking offices, the organization boasts total assets nearing $48 billion.
Banking Services Offered
The commercial segment of F.N.B. offers services that include corporate banking, small business banking, investment real estate financing, and government banking. Their consumer banking division presents a wide range of products, from deposit accounts to various lending options, all supported by robust online and mobile platforms. Wealth management services encompass asset management and private banking, catering to a broad spectrum of financial needs.
Listing Information
F.N.B. Corporation's common stock is actively traded on the New York Stock Exchange under the symbol "FNB". It also holds a position within the prestigious Standard & Poor's MidCap 400 Index, marking its significance in the financial sector.
Commitment to Transparency
While the offered notes present an opportunity for investors, it’s important to note that this information is intended solely for informational purposes and does not constitute an offer to buy or sell securities. All investment decisions should include thorough examination and understanding of the accompanying documentation.
Frequently Asked Questions
What is the primary purpose of F.N.B. Corporation's notes offering?
The offering aims to support general corporate purposes, such as investments, growth of the banking subsidiary, and refinancing existing debt.
What is the fixed interest rate for the senior notes?
The senior notes have a fixed interest rate of 5.722% per annum, payable semi-annually.
Who are the lead managers for the offering?
Morgan Stanley & Co. LLC, BofA Securities, Inc. and WauBank Securities LLC serve as the joint book-running managers.
Where can investors find more information about F.N.B. Corporation?
Investors can learn more by reviewing the registration statement and prospectus filed with the SEC.
What trading symbol does F.N.B. Corporation use?
The company's common stock trades under the symbol "FNB" on the New York Stock Exchange.
