By Stephanie N. Rotondo
Phoenix, March 2 – Hancock Holding Co. sold $150 million of 5.95% $25-par subordinated notes due June 15, 2045 (expected ratings: Baa2/BBB) at par on Monday, the company said in an FWP filed with the Securities and Exchange Commission.
Initial price talk was 6.125% but was revised to 6%, according to a trader.
Morgan Stanley & Co. LLC was the bookrunner.
Interest will be payable on the 15th day of March, June, September and December, beginning June 15. The notes become callable June 15, 2020 at par plus accrued interest.
Proceeds will be used to repurchase common shares and for general corporate purposes, including providing capital to its subsidiary, Whitney Bank.
Hancock Holding is a Gulfport, Miss.-based financial holding company for Whitney and Hancock Bank.
| Issuer: | Hancock Holding Co.
|
| Securities: | Subordinated notes
|
| Amount: | $150 million
|
| Maturity: | June 15, 2045
|
| Bookrunner: | Morgan Stanley & Co. LLC
|
| Co-managers: | SunTrust Robinson Humphrey Inc., U.S. Bancorp Investments Inc.
|
| Coupon: | 5.95%
|
| Price: | Par of $25
|
| Yield: | 5.95%
|
| Call option: | On or after June 15, 2020 at par plus accrued interest
|
| Pricing date: | March 2
|
| Settlement date: | March 9
|
| Expected ratings: | Moody’s: Baa2
|
| Standard & Poor’s: BBB
|
| Expected listing: | Nasdaq: HBHCL
|
| Cusip: | 410120307
|
| Talk: | Initially 6.125%, then revised to 6%
|
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