Amalgamated financial corp. announces pricing of subordinated notes offering

New york, nov. 04, 2021 (globe newswire) -- amalgamated financial corp. (the “company”) (nasdaq: amal), the holding company for amalgamated bank (the “bank”), today announced the pricing of its public offering of $85,000,000 aggregate principal amount of its 3.250% fixed-to-floating rate subordinated notes due 2031 (the “notes”). the price to the public for the notes is 100% of the principal amount of the notes. the notes will mature on november 15, 2031. interest on the notes initially will accrue at a rate equal to 3.250% per annum from and including november 8, 2021 to, but excluding, november 15, 2026, payable semiannually in arrears. from and including november 15, 2026 to, but excluding, november 15, 2031 or the earlier redemption date, interest will accrue at a floating rate per annum equal to a benchmark rate, which is expected to be three-month term secured overnight financing rate (sofr) (as defined in the notes), plus a spread of 230 basis points, payable quarterly in arrears. the notes are intended to qualify as tier 2 capital for regulatory purposes.
AMAL Ratings Summary
AMAL Quant Ranking