OLNEY, Md., March 15, 2022 (GLOBE NEWSWIRE) -- Sandy Spring Bancorp, Inc. (NASDAQ-SASR) (“Sandy Spring Bancorp” or the “Company”), the holding company for Sandy Spring Bank (the “Bank”), today announced that it has priced an underwritten public offering of $200 million aggregate principal amount of its fixed-to-floating rate subordinated notes due 2032 (the “Notes”). The Notes will initially bear a fixed interest rate of 3.875% per year. Commencing on March 30, 2027, the Notes will bear interest at a floating rate per annum equal to the benchmark rate (which is expected to be the three-month SOFR rate) plus a spread of 196.5 basis points, payable quarterly in arrears. The offering is expected to close on March 18, 2022, subject to the satisfaction of customary closing conditions. The Company plans to use the net proceeds from the Notes offering for general corporate purposes, which include providing capital to support growth, investing in the Bank as regulatory capital, and, to the extent authorized by the board of directors, repurchasing the Company’s common shares.
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