First Financial Bancorp. Announces Pricing of Subordinated Notes Offering

About this update from First Financial Bancorp.

[{"type":"text","content":"CINCINNATI, April 24, 2020 /PRNewswire/ -- First Financial Bancorp. (NASDAQ: FFBC) (\"First Financial\" or the \"Company\") announced today the pricing of its public offering of $150 million aggregate principal amount of 5.25% fixed-to-floating rate subordinated notes due 2030 (the \"Subordinated Notes\"). The Subordinated Notes will be issued to the public at 100% of par. The Subordinated Notes will have an initial fixed interest rate of 5.25% to, but excluding May 15, 2025, payable semi-annually in arrears. From, and including, May 15, 2025, the interest rate on the Subordinated Notes will reset quarterly to a floating rate per annum equal to a benchmark rate, which is expected to be the then-current three-month term SOFR, plus 509 basis points, payable quarterly in arrears. The Subordinated Notes will mature on May 15, 2030. The Company intends to use the net proceeds from the offering, after deducting underwriting discounts, commissions and estimated transaction expenses, for general corporate purposes. The closing of the offering of the Subordinated Notes is subject to customary closing conditions and is expected to close on April 30, 2020.\nKeefe, Bruyette & Woods, A Stifel Company, is acting as sole book-running manager for the offering. The Subordinated Notes are being offered pursuant to a prospectus supplement and an accompanying base prospectus describing the terms of the offering. First Financial has filed a registration statement (File No. 333-219554), and a preliminary prospectus supplement to the prospectus contained in the registration statement with the U.S. Securities and Exchange Commission (\"SEC\") for the Subordinated Notes to which this communication relates and will file a final prospectus supplement relating to the Subordinated Notes. Prospective investors should read the applicable prospectus supplement and base prospectus in the registration statement and other documents First Financial has filed or will file with the SEC for more complete information about First Financial and the relevant offering. You may obtain these documents for free by visiting EDGAR on the SEC's website at http://www.sec.gov. Electronic copies of each final prospectus supplement, when available, and the accompanying base prospectus may be obtained by contacting Keefe, Bruyette & Woods, A Stifel Company at 787 Seventh Avenue, Fou...

More updates from First Financial Bancorp.