By Wendy Van Sickle
Columbus, Ohio, Dec. 5 – First Western Financial, Inc. priced a $20 million offering of 10-year fixed-to-floating rate subordinated notes at par with an initial coupon of 7%, according to a news release.
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. 15, 2027, then converts to a floating rate of three-month SOFR plus 328 basis points.
The notes are redeemable on or after Dec. 15, 2027 at par.
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.
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Amount: | $20 million
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Issue: | Fixed-to-floating rate subordinated notes
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Maturity: | Dec. 15, 2032
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Placement agent: | Keefe, Bruyette & Woods, Inc.
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Counsel to issuer: | Norton Rose Fulbright US LLP
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Counsel to placement agent: | Squire Patton Boggs LLP
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Coupon: | 7% until Dec. 15, 2027, then converts to a floating rate of three-month SOFR plus 328 bps
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Price: | Par
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Call: | On or after Dec. 15, 2027 at par
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Announcement date: | Dec. 5
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