By Rebecca Melvin
Concord, N.H., Nov. 12 – Farmers National Banc Corp. priced a $75 million private placement of fixed-to-floating subordinated notes due 2031, according to a company press release.
The notes bear interest at 3.125% for the first five years and will reset quarterly after that at SOFR plus 220 basis points.
The proceeds are earmarked for general corporate purposes.
Raymond James & Associates Inc. was placement agent for the offering.
Vorys, Sater, Seymour and Pease LLP served as legal counsel to the company, and Nelson Mullins Riley & Scarborough LLP was legal counsel to the placement agent.
The financial services company is based in Canfield, Ohio.
| Issuer: | Farmers National Banc Corp.
|
| Issue: | Fixed-to-floating rate subordinated notes
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| Amount: | $75 million
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| Maturity: | 2031
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| Coupon: | 3.125% for five years, then resets quarterly to SOFR plus 220 bps
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| Placement agent: | Raymond James & Associates Inc.
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| Settlement date: | Nov. 17
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