Fulton Financial Corporation completed a $300 million public offering of 5.950% Fixed-to-Floating Rate Subordinated Notes due 2036, using proceeds primarily to repay $195 million of outstanding 3.250% notes due 2030.
Key takeaways
Completed $300 million principal amount offering of subordinated notes on May 5, 2026.
Fixed rate of 5.950% until May 15, 2031, then floating Three-Month Term SOFR + 217 bps until maturity May 15, 2036.
Net proceeds to repay $195 million of 3.250% Fixed-to-Floating Notes due 2030 and general corporate purposes.
Notes are subordinated unsecured obligations, junior to senior debt, issued under existing indenture with Wilmington Trust.
Callable at par starting May 15, 2031, or earlier upon Tier 2 Capital Event or Tax Event with regulatory approval.
Underwritten by Piper Sandler ($195M) and J.P. Morgan ($105M) pursuant to May 1 agreement.