Sandy Spring Bancorp, Inc. Announces Transition of LIBOR-based Securities to CME Term SOFR
2023年7月13日 - 3:00AM
Sandy Spring Bancorp, Inc. (Nasdaq – SASR) announced today that CME
Term SOFR will be the replacement reference rate for certain
fixed-to-floating rate debt securities issued by the Company that
use three-month U.S. dollar LIBOR as the reference rate.
In accordance with the Adjustable Interest Rate (LIBOR) Act (the
“LIBOR Act”) and the final regulations issued by the Board of
Governors of the Federal Reserve System implementing the LIBOR Act
(the “LIBOR Rule”), the debt securities specified below issued by
the Company will transition to 3-month Term SOFR (as administered
by the CME Group Benchmark Administration Limited) plus the
relevant tenor spread adjustment of 0.26161% established by the
LIBOR Rule on the first applicable date after June 30, 2023.
CUSIP |
Security |
First Applicable Date |
800363AB9 |
4.25% fixed-to-floating rate subordinated notes due 2029 |
November 15, 2024(1) |
(1) Redeemable at the Company’s option, subject to
regulatory approval, either (i) in whole or in part on any interest
payment date on or after November 15, 2024, or (ii) in whole but
not in part, at any time following a regulatory capital treatment
or tax event.
About Sandy Spring Bancorp, Inc./Sandy Spring
Bank
Sandy Spring Bancorp, Inc., headquartered in Olney, Maryland, is
the holding company for Sandy Spring Bank, a premier community bank
in the Greater Washington, D.C. region. With over 50 locations, the
bank offers a broad range of commercial and retail banking,
mortgage, private banking, and trust services throughout Maryland,
Virginia, and Washington, D.C. Through its subsidiaries, Rembert
Pendleton Jackson and West Financial Services, Inc., Sandy Spring
Bank also offers a comprehensive menu of wealth management
services.
For additional information or questions, please
contact:
Daniel J. Schrider, Chair, President & Chief Executive
Officer, orPhilip J. Mantua, E.V.P. & Chief Financial
OfficerSandy Spring Bancorp17801 Georgia AvenueOlney, Maryland
208321-800-399-5919Email: DSchrider@sandyspringbank.comPMantua@sandyspringbank.com
Website: www.sandyspringbank.comMedia Contact:Diane Deskins
Hicks240-749-9261dhicks@sandyspringbank.com
Sandy Spring Bancorp (NASDAQ:SASR)
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Sandy Spring Bancorp (NASDAQ:SASR)
過去 株価チャート
から 5 2023 まで 5 2024