Bank ozk announces pricing of $350 million of 2.750% fixed-to-floating rate subordinated notes due 2031

Little rock, ark., sept. 09, 2021 (globe newswire) -- bank ozk (the “bank”) (nasdaq: ozk) today announced the pricing of its public offering of $350 million aggregate principal amount of its 2.750% fixed-to-floating rate subordinated notes due 2031 (the “notes”). the notes will initially bear interest at a fixed rate of 2.750% per annum, payable semi-annually in arrears on each april 1 and october 1 commencing april 1, 2022 to, but excluding, october 1, 2026. on october 1, 2026 and thereafter, the notes will bear interest at a floating rate equal to a benchmark rate (which is expected to be three-month term sofr) plus 209 basis points, paid quarterly in arrears on each january 1, april 1, july 1 and october 1, through maturity or earlier redemption of the notes. the offering of the notes is expected to close on september 16, 2021, subject to customary closing conditions.
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