NBT Bancorp Inc. Completes the Previously Announced Issuance and Sale of $100,000,000 Aggregate Principal Amount of its 5.000% Fixed-To-Floating Rate Subordinated Notes Due 2030
June 23, 2020 at 09:22 pm
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On June 23, 2020, NBT Bancorp Inc. (the “Company”) completed the previously announced issuance and sale (the “Offering”) of $100,000,000 aggregate principal amount of its 5.000% Fixed-to-Floating Rate Subordinated Notes due 2030 (the “Notes”). The Offering was completed pursuant to the Company’s registration statement on Form S-3 (File No. 333-224532) (including a base prospectus) filed with the Securities and Exchange Commission (the “SEC”) on April 30, 2018, as supplemented by a related preliminary prospectus supplement filed with the SEC on June 16, 2020, and a related final prospectus supplement filed with the SEC on June 17, 2020. The Notes were issued under the Subordinated Indenture, dated as of June 23, 2020 (the “Base Indenture”), as supplemented by the First Supplemental Indenture, dated as of June 23, 2020 (the “First Supplemental Indenture” and, together with the Base Indenture, the “Indenture”), between the Company and U.S. Bank National Association, as trustee. From and including the date of issuance to, but excluding, July 1, 2025, or earlier redemption date, the Notes will bear interest at an initial fixed rate of 5.000% per annum, payable semi-annually in arrears on January 1 and July 1 of each year, commencing on January 1, 2021. From and including July 1, 2025 to, but excluding the maturity date, July 1, 2030, or earlier redemption date, the Notes will bear interest at a floating rate per annum equal to a benchmark rate, which is expected to be Three-Month Term SOFR, plus a spread of 485 basis points, payable quarterly in arrears on January 1, April 1, July 1, October 1 of each year, commencing on October 1, 2025. Notwithstanding the foregoing, if the benchmark rate is less than zero, then the benchmark rate shall be deemed to be zero.
NBT Bancorp Inc. is a financial holding company. The Company primarily operates through NBT Bank, N.A. (the Bank), a full-service community bank, and through two financial services companies. The Bank provides a range of financial products to individuals, corporations and municipalities throughout upstate New York, northeastern Pennsylvania, southern New Hampshire, western Massachusetts, Vermont, southern Maine and central and northwestern Connecticut. Through its network of branch locations, the Bank offers a range of products and services tailored to individuals, businesses and municipalities. Deposit products offered by the Bank include demand deposit accounts, savings accounts, negotiable order of withdrawal (NOW) accounts, and certificate of deposit (CD) accounts. It operates EPIC Advisors, Inc., which is a national benefits administration firm. It operates NBT Insurance Agency, LLC, which is a full-service insurance agency. The Bank has approximately 153 branch locations.
NBT Bancorp Inc. Completes the Previously Announced Issuance and Sale of $100,000,000 Aggregate Principal Amount of its 5.000% Fixed-To-Floating Rate Subordinated Notes Due 2030