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Flushing Financial Corporation Announces Pricing of $125 Million Subordinated Debt Offering
UNIONDALE, N.Y., Nov. 17, 2021 (GLOBE NEWSWIRE) -- Flushing Financial Corporation (NASDAQ: FFIC) (“FFIC” or the “Company”), the holding company for Flushing
About this update from Flushing Financial Corporation
[{"type":"text","content":"UNIONDALE, N.Y., Nov. 17, 2021 (GLOBE NEWSWIRE) -- Flushing Financial Corporation (NASDAQ: FFIC) (“FFIC” or the “Company”), the holding company for Flushing Bank (the “Bank”), today announced that it has priced an underwritten public offering of $125 million aggregate principal amount of its fixed-to-floating rate subordinated notes due 2031 (the “Notes”). The Notes will initially bear a fixed interest rate of 3.125% per year. Commencing on December 1, 2026, the interest rate on the Notes resets quarterly to the three-month SOFR rate plus a spread of 203.5 basis points, payable quarterly in arrears. The offering is expected to close on November 22, 2021, subject to the satisfaction of customary closing conditions. FFIC plans to use the net proceeds from the Notes offering for general corporate purposes, which include repayment of the outstanding principal amount of its outstanding subordinated notes and subordinated debentures Piper Sandler & Co. is acting as lead bookrunning manager and D.A. Davidson & Co. and RBC Capital Markets, LLC are acting as co-managers. Each offering will be made only by means of a prospectus supplement and accompanying base prospectus. FFIC has filed a registration statement on Form S-3 (File No. 333-260993) and a preliminary prospectus supplement to the prospectus contained in the registration statement with the U.S. Securities and Exchange Commission (“SEC”) for the Notes to which this communication relates. Prospective investors should read the applicable prospectus supplement and base prospectus in the registration statement and other documents FFIC has filed or will file with the SEC for more complete information about FFIC 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 preliminary prospectus supplement, when available, and the accompanying base prospectus may be obtained by contacting Piper Sandler & Co. by telephone at (866) 805-4128 or by email at [email protected]. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the Notes, in any state or jurisdiction in which such offer, solicitation or sale would be unlawful. About Flushing Financial Corporation Flushing Financial Corporation (Nasdaq: FFIC) is the holding com...