By Wendy Van Sickle
Columbus, Ohio, Sept. 23 – UMB Financial Corp. sold $110 million of 10-year fixed-to-fixed rate subordinated notes (A3/BBB+/A-) on Friday at par to yield 6.25%, according to an FWP filing with the Securities and Exchange Commission.
The fixed rate will reset on Sept. 28, 2027 to Treasuries plus 229.8 basis points.
BofA Securities Inc. and J.P. Morgan Securities LLC were the bookrunners.
Proceeds will be used for general corporate purposes, including contributing tier 1 capital into UMB Bank.
UMB is a bank holding company based in Kansas City, Mo., that operates through one national bank and several nonbank subsidiaries.
| Issuer: | UMB Financial Corp.
|
| Amount: | $110 million
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| Issue: | Fixed-to-fixed rate subordinated notes
|
| Maturity: | Sept. 28, 2032
|
| Bookrunners: | BofA Securities Inc. and J.P. Morgan Securities LLC
|
| Co-managers: | UMB Financial Services, Inc. and Wells Fargo Securities, LLC
|
| Trustee: | Computershare Trust Co., NA
|
| Counsel to issuer: | Bryan Cave Leighton Paisner LLP and Holland & Hart LLP
|
| Counsel to underwriters: | Davis Polk & Wardwell LLP
|
| Coupon: | 6.25%; resets on Sept. 28, 2027 to Treasuries plus 229.8 bps
|
| Price: | Par
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| Yield: | 6.25%
|
| Call features: | At par on reset date and any interest payment date thereafter
|
| Trade date: | Sept. 23
|
| Settlement date: | Sept. 28
|
| Ratings: | Moody’s: A3
|
| S&P: BBB+
|
| Fitch: A-
|
| Distribution: | SEC registered
|
| Cusip: | 902788AB4
|
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