Hancock Whitney offers $100 million $25-par 40-year subordinated notes talked at 6.25%-6.275% area

By James McCandless

San Antonio, May 26 – Hancock Whitney Corp. plans to sell a $100 million offering of $25-par subordinated notes due June 15, 2060 at par with a coupon in the 6.25% to 6.275% area, according to a market source 424B5 filing with the Securities and Exchange Commission.

Morgan Stanley & Co. LLC, BofA Securities, Inc., Piper Sandler & Co., UBS Securities LLC and Wells Fargo Securities, LLC are the joint bookrunners.

Coupons are payable on March 15, June 15, Sept. 15 and Dec. 15, starting on Sept. 15, 2020.

The notes are redeemable on or after June 15, 2025 at par. Prior to that, the notes are redeemable within 90 days after a change in law that prevents the company from deducting interest from the notes, a regulatory capital event or if the company is required to register as an investment company.

Hancock Whitney plans to use the proceeds for general corporate purposes, including providing capital to the bank if and when deemed appropriate by the company.

The company plans to list the notes on the Nasdaq under the symbol “HWCPZ.”

Hancock Whitney is a Gulfport, Miss.-based bank holding company.

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