By Cristal Cody
Tupelo, Miss., March 4 – First Citizens BancShares, Inc. priced an upsized $350 million of 10-year fixed-to-floating rate subordinated notes (Baa1) at par to yield 3.375%, according to an FWP filing with the Securities and Exchange Commission.
The fixed rate will reset March 15, 2025 to but excluding the maturity date to a floating rate of SOFR plus 246.5 basis points.
The deal was upsized from $300 million.
Piper Sandler & Co. was the bookrunner.
The notes are callable at par after five years.
Proceeds from the deal will be used for general corporate purposes.
First Citizens BancShares is a bank holding company based in Raleigh, N.C.
| Issuer: | First Citizens BancShares, Inc.
|
| Amount: | $350 million
|
| Description: | Fixed-to-floating rate subordinated notes
|
| Maturity: | March 15, 2030
|
| Bookrunner: | Piper Sandler & Co.
|
| Coupon: | 3.375%; resets March 15, 2025 to but excluding maturity date to SOFR plus 246.5 bps
|
| Price: | Par
|
| Yield: | 3.375%
|
| Call feature: | At par on March 15, 2025 interest payment date and any interest payment date thereafter
|
| Trade date: | Feb. 27
|
| Settlement date: | March 4
|
| Rating: | Moody’s: Baa1
|
| Distribution: | SEC registered
|
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