By James McCandless
San Antonio, Nov. 25 – First Western Financial, Inc. priced a $10 million offering of fixed-to-floating rate subordinated notes due Dec. 1, 2030 at par with an initial coupon of 4.25%, according to a filing with the Securities and Exchange Commission.
Keefe, Bruyette & Woods, Inc. is the placement agent.
Coupons are payable semiannually, switching to a quarterly basis when the coupon converts to a floating rate.
The coupon is fixed until Dec. 1, 2025, then converts to a floating rate of the three-month SOFR plus 402 basis points.
The notes are redeemable on or after Dec. 1, 2025.
The company plans to use the proceeds for general corporate purposes.
First Western is a Denver-based bank holding company.
| Issuer: | First Western Financial, Inc.
|
| Description: | Fixed-to-floating rate subordinated notes
|
| Amount: | $10 million
|
| Maturity: | Dec. 1, 2030
|
| Placement agent: | Keefe, Bruyette & Woods, Inc.
|
| Coupon: | 4.25% until Dec. 1, 2025, then converts to a floating rate of the three-month SOFR plus 402 bps
|
| Price: | Par
|
| Call: | On or after Dec. 1, 2025
|
| Pricing date: | Nov. 25
|
| Distribution: | SEC registered
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
