PEOPLES FINANCIAL SERVICES CORP. (PFIS): debt financing — Peoples FS closes $85M 7.75% subordinated note offering; oversubscribed and upsized

PEOPLES FINANCIAL SERVICES CORP.

Issued $85M of 7.75% Fixed-to-Floating Subordinated Notes due 2035; fixed rate until June 2030 then SOFR+411bps quarterly.
Proceeds to redeem existing subordinated debt and for general corporate purposes; qualifies as Tier 2 regulatory capital.
Offering oversubscribed and upsized due to strong investor demand; sole placement agent Performance Trust Capital Partners.
CEO cited strong execution on FNCB merger; management noted disciplined capital management approach.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

PEOPLES FINANCIAL SERVICES CORP. incurred senior notes of $85.0 million with certain qualified institutional buyers and institutional accredited investors at 7.75% maturing June 15, 2035.

Instrument: senior notes
Principal: $85.0 million
Counterparty: certain qualified institutional buyers and institutional accredited investors
Rate: 7.75%
Maturity: June 15, 2035
Event: incurrence

Exact text from the filing

On June 6, 2025, Peoples Financial Services Corp. (the “Company”) entered into Subordinated Note Purchase Agreements (collectively, the “Subordinated Note Purchase Agreements”) with certain qualified institutional buyers and institutional accredited investors (collectively, the “Subordinated Note Purchasers”) pursuant to which the Company issued and sold $85.0 million in aggregate principal amount of its 7.75% Fixed-to-Floating Rate Subordinated Notes due 2035

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PEOPLES FINANCIAL SERVICES CORP. filing history →

Source: SEC EDGAR

accession 0001104659-25-057415

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