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Fulton Financial gives early results of tender offers, prices offer for 4.5% notes
By Wendy Van Sickle
Columbus, Ohio, March 29 – Fulton Financial Corp. priced its cash tender offer to purchase up to a maximum amount of its $250 million outstanding 4.5% subordinated notes due 2024 (Cusip: 360271AJ9) and then announced early results of that tender offer and an offer for a second series, according to a news release.
Fulton plans to accept up to $75 million of the 2024 notes for a total consideration of $1,125.66 per $1,000 principal amount. The purchase price is based on the 0.25% U.S. Treasury due March 15, 2024 plus 65 basis points and was determined at 10 a.m. ET on March 29. A total of $143,299,000 of these notes were tendered under the offer and will be accepted at a proration factor of 52.4%.
Launched on March 16, the offer also covers Fulton’s 3.6% senior notes due 2022 (Cusip: 360271AK6). Fulton is offering to purchase $60 million of the $125 million outstanding 2022 notes for a total consideration of $1,031.25 per $1,000 principal amount.
Holders tendered $70,141,000 of these notes by the early deadline at a proration factor of 85.6%.
For each series of notes, the company will pay an early tender premium of $30 per $1,000 of notes tendered by the 5 p.m. ET March 29 early tender date.
Early settlement is expected for March 30.
The offer will expire at 11:59 p.m. ET April 13, but the issuer does not plan to accept any additional tenders.
The offer will be funded using cash on hand.
The purpose of the offer is to reduce the company’s aggregate interest expense.
Piper Sandler & Co. (866 805-4128, 212 466-7807) is the dealer manager, and Global Bondholder Services Corp. (212 430-3774, 866 924-2200) is the tender and information agent.
Fulton Financial is a Lancaster, Pa.-based multi-bank financial holding company.
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