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Fulton Financial Corporation Commences Offer to Purchase Certain of Its Outstanding Debt Securities
LANCASTER, Pa.--(BUSINESS WIRE)-- Fulton Financial Corporation (“Fulton” or the “Company”) (Nasdaq: FULT) announced today that it has commenced a cash tender
About this update from Fulton Financial Corporation
[{"type":"text","content":" LANCASTER, Pa.--(BUSINESS WIRE)--\nFulton Financial Corporation (“Fulton” or the “Company”) (Nasdaq: FULT) announced today that it has commenced a cash tender offer (the “Offer”) to purchase its 4.500% Subordinated Notes due 2024 (the “Subordinated Notes”) and its 3.60% Senior Notes due 2022 (the “Senior Notes” and, together with the Subordinated Notes, the “Notes” and each a “Series” of Notes) up to the maximum aggregate principal amount (each a “Tender Cap”) specified in the table below.\n\nThe Offer is being made pursuant to and is subject to the terms and conditions set forth in the Offer to Purchase, dated March 16, 2021 (the “Offer to Purchase”) and the related Letter of Transmittal (the “Letter of Transmittal”). The purpose of the Offer is to acquire outstanding Notes up to the applicable Tender Cap and reduce the Company’s aggregate interest expense. Notes purchased in the Offer will be retired and cancelled. The Company intends to fund the purchase of Notes validly tendered and accepted for purchase pursuant to the Offer with cash on hand. Capitalized terms not defined herein shall have the meaning set forth in the Offer to Purchase.\n\nThe following table sets forth some of the terms of the Offer:\n\n\n\nTitle of Security\n\n\n\n\nCUSIP\nNumber\n\n\n\n\nAggregate\nPrincipal\nAmount\nOutstanding\n\n\n\n\nAggregate\nMaximum\nPrincipal\nAmount (Tender\nCap)\n\n\n\n\nReference\nU.S.\nTreasury\nSecurity\n\n\n\n\nBloomberg\nReference\nPage(1)\n\n\n\n\nFixed Spread\n(basis points)(2)\n\n\n\n\nEarly Tender\nPremium(3) \n\n\n\n\nHypothetical Total\nConsideration(2)(3)(4)\n\n\n\n\n\n4.500%\nSubordinated Notes\ndue 2024\n\n\n\n\n360271 AJ9\n\n\n\n\n$250,000,000\n\n\n\n\n$75,000,000\n\n\n\n\nUST 0.25% due March 15, 2024\n\n\n\n\nFIT1\n\n\n\n\n+ 65\n\n\n\n\n$30\n\n\n\n\n$1,124.78\n\n\n\n\n\n \n\n\n\n\n \n\n\n\n\n \n\n\n\n\n \n\n\n\n\n \n\n\n\n\n \n\n\n\n\nLate Tender Offer\nConsideration (per\n$1,000)\n\n\n\n\nEarly Tender\nPremium(3)\n\n\n\n\nTotal Consideration(2)(3)\n\n\n\n\n\n3.60% Senior Notes\ndue 2022\n\n\n\n\n360271 AK6\n\n\n\n\n$125,000,000\n\n\n\n\n$60,000,000\n\n\n\n\nN/A\n\n\n\n\nN/A\n\n\n\n\n$1,001.25\n\n\n\n\n$30\n\n\n\n\n$1,031.25\n\n\n\n\n_____________________________\n\n\n\n(1)\n\n\n\n\nThe applicable page on Bloomberg from which the Dealer Manager (as defined herein) will quote the bid side price of the Reference...