Cadence Bancorporation Announces Pricing of $85 Million of 4.75% Fixed to Floating Rate Subordinated Notes Due 2029
June 20 2019 - 5:55PM
Business Wire
Cadence Bancorporation (NYSE: CADE) today announced the pricing
of its previously announced registered public offering of $85
million aggregate principal amount of 4.75% fixed to floating rate
subordinated notes due 2029 (the “Notes”), pursuant to the shelf
registration statement (File No. 333-225075) filed by the Company
with the U.S. Securities and Exchange Commission (the “SEC”) on May
21, 2018.
The offering is expected to close on or about June 26, 2019,
subject to customary closing conditions.
Cadence Bancorporation intends to use the net proceeds from this
offering, together with cash on hand or other immediately available
funds, to repay its 4.875% senior notes due June 28, 2019, or for
general corporate purposes. Sandler O’Neill & Partners, L.P.
and U.S. Bancorp Investments, Inc. are acting as book-running
managers for the offering. Raymond James & Associates, Inc. is
acting as co-manager for the offering.
This offering is being made only by means of a prospectus.
Copies of the final prospectus supplement, when available, and the
related prospectus relating to the proposed offering may be
obtained by calling Sandler O’Neill & Partners, L.P. at
866-805-4128 or U.S. Bancorp Investments, Inc. at 1-877-558-2607.
Copies of the final prospectus supplement, when available, and the
related prospectus may also be obtained free of charge from the
website of the SEC at http://www.sec.gov.
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
these securities in any state or jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state or
jurisdiction. Any offer or sale of the Notes is being made only by
means of the prospectus supplement relating to the offering and the
accompanying prospectus.
About Cadence Bancorporation
Cadence Bancorporation (NYSE: CADE), headquartered in Houston,
Texas, is a regional financial holding company with $17.4 billion
in assets as of March 31, 2019. Cadence operates 98 branch
locations in Alabama, Florida, Georgia, Mississippi, Tennessee and
Texas, and provides corporations, middle-market companies, small
businesses and consumers with a full range of innovative banking
and financial solutions. Services and products include commercial
and business banking, treasury management, specialized lending,
asset-based lending, commercial real estate, SBA lending, foreign
exchange, wealth management, investment and trust services,
financial planning, retirement plan management, business insurance,
consumer banking, consumer loans, mortgages, home equity lines and
loans, and credit cards. Clients have access to leading-edge online
and mobile solutions, interactive teller machines, and more than
55,000 ATMs. The Cadence team of 1,800 associates is committed to
exceeding customer expectations and helping their clients succeed
financially.
Cautionary Statement Regarding Forward-Looking
Information
This communication contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. These forward-looking statements reflect our current views
with respect to, among other things, the completion of the offering
of the Notes. These statements are often, but not always, made
through the use of words or phrases such as “may,” “should,”
“could,” “predict,” “potential,” “believe,” “will likely result,”
“expect,” “continue,” “will,” “anticipate,” “seek,” “estimate,”
“intend,” “plan,” “projection,” “would” and “outlook,” or the
negative version of those words or other comparable words of a
future or forward-looking nature. These forward-looking statements
are not historical facts, and are based on current expectations,
estimates and projections about our industry, management’s beliefs
and certain assumptions made by management, many of which, by their
nature, are inherently uncertain and beyond our control.
Accordingly, we caution you that any such forward-looking
statements are not guarantees of future performance and are subject
to risks, assumptions and uncertainties that are difficult to
predict. Although we believe that the expectations reflected in
these forward-looking statements are reasonable as of the date
made, actual results may prove to be materially different from the
results expressed or implied by the forward-looking statements. The
foregoing factors should not be construed as exhaustive and should
be read together with the other cautionary statements included in
the registration statement on Form S-3, including the preliminary
prospectus supplement and the related prospectus, we have filed
with the SEC. If one or more events related to these or other risks
or uncertainties materialize, or if our underlying assumptions
prove to be incorrect, actual results may differ materially from
what we anticipate. Accordingly, you should not place undue
reliance on any such forward-looking statements. Any
forward-looking statement speaks only as of the date on which it is
made, and we do not undertake any obligation to publicly update or
review any forward-looking statement, whether as a result of new
information, future developments or otherwise. New factors emerge
from time to time, and it is not possible for us to predict which
will arise. In addition, we cannot assess the impact of each factor
on our business or the extent to which any factor, or combination
of factors, may cause actual results to differ materially from
those contained in any forward-looking statements.
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Cadence Bancorporation
Media contact: Danielle Kernell 713-871-4051
danielle.kernell@cadencebank.com
Investor relations contact: Valerie Toalson 713-871-4103
or 800-698-7878 vtoalson@cadencebancorporation.com
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