Atlantic union bankshares corporation prices $250 million subordinated notes offering

Richmond, va., dec. 01, 2021 (globe newswire) -- atlantic union bankshares corporation (nasdaq: aub) (the “company”), the holding company for atlantic union bank (the “bank”), today announced the pricing of its public offering of $250 million aggregate principal amount of its 2.875% 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 december 15, 2031. interest on the notes initially will accrue at a rate equal to 2.875% per annum from and including december 8, 2021 to, but excluding, december 15, 2026, payable semiannually in arrears. from and including december 15, 2026 to, but excluding, december 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, or sofr (as defined in the notes), plus a spread of 186 basis points, payable quarterly in arrears. the notes are intended to qualify as tier 2 capital for regulatory purposes.
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