By Devika Patel
Knoxville, Tenn., Jan. 21 – First Foundation Inc. priced $150 million of 3.5% 10-year fixed-to-floating rate subordinated notes (KBRA: BBB-) on Thursday, according to an FWP filed with the Securities and Exchange Commission.
The notes were sold at par.
Interest will accrue at a fixed rate up to but excluding Feb. 1, 2027 and at a floating rate of SOFR plus 204 basis points afterward.
Piper Sandler & Co. is the lead bookrunning manager.
Proceeds will be used for general corporate purposes.
First Foundation is an Irvine, Calif.-based financial institution.
| Issuer: | First Foundation Inc.
|
| Amount: | $150 million
|
| Issue: | Fixed-to-floating rate subordinated notes
|
| Maturity: | Feb. 1, 2032
|
| Bookrunner: | Piper Sandler & Co.
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| Co-managers: | D.A. Davidson & Co. and Stephens Inc.
|
| Coupon: | 3.5%; converts to SOFR plus 204 bps beginning Feb. 1, 2027
|
| Price: | Par
|
| Call: | Par call beginning Feb. 1, 2027
|
| Trade date: | Jan. 20
|
| Settlement date: | Jan. 24
|
| Rating: | KBRA: BBB-
|
| Distribution: | SEC registered
|
| Cusip: | 32026VAA2
|
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