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Northwest Bancshares intends to price 10-year fixed-to-floating subordinated notes
By James McCandless
San Antonio, Sept. 2 – Northwest Bancshares, Inc. plans to price an offering of $1,000-par fixed-to-floating rate subordinated notes due 2030, according to a 424B5 filing with the Securities and Exchange Commission.
Piper Sandler & Co. is the bookrunner.
Coupons are payable semiannually, becoming payable quarterly after the coupon converts to a floating rate.
After five years, the coupon converts to a floating rate of the three-month SOFR plus a spread.
The notes are redeemable after five years at par. Prior to that, the notes are redeemable after a tax event, a tier 2 capital event or if the company is required to register as an investment company at par.
Northwest plans to use the proceeds for general corporate purposes.
The company does not plan to list the notes on any securities exchange.
Northwest Bancshares is a Warren, Pa.-based bank holding company.
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