Southside Bancshares issues $150M of 7% subordinated notes due 2035; net proceeds ~$147.75M

SOUTHSIDE BANCSHARES INC

Completed $150M offering of 7.00% Fixed-to-Floating Rate Subordinated Notes due 2035.
Net proceeds ~$147.75M; may redeem $150M of 3.875% Notes due 2030 or use for general purposes.
Notes qualify as Tier 2 regulatory capital; fixed 7% for 5 years then SOFR+357 bps floating.
Issued under Indenture with Wilmington Trust; subordinated to senior debt, structurally subordinated to subsidiary liabilities.

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