CHEMUNG FINANCIAL CORP (CHMG): debt financing — Chemung Financial issues $45M in 7.75% subordinated notes due 2035

CHEMUNG FINANCIAL CORP

Issued $45M aggregate principal of 7.75% Fixed-to-Floating Rate Subordinated Notes due 2035.
Notes mature June 15, 2035; fixed rate 7.75% until June 15, 2030, then float at 3-month SOFR + 415 bps.
Proceeds to support regulatory capital ratios, growth initiatives, and possible balance sheet restructuring.
Notes qualify as Tier 2 capital at holding company level under Federal Reserve Board capital guidelines.
Private placement under Section 4(a)(2) and Rule 506; not registered under Securities Act.

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

CHEMUNG FINANCIAL CORP incurred senior notes of $45.0 million with certain accredited investors and qualified institutional buyers at 7.75% Fixed-to-Floating Rate maturing June 15, 2035.

Instrument: senior notes
Principal: $45.0 million
Counterparty: certain accredited investors and qualified institutional buyers
Rate: 7.75% Fixed-to-Floating Rate
Maturity: June 15, 2035
Event: incurrence

Exact text from the filing

Agreements (the “Agreements”) with certain accredited investors and qualified institutional buyers (the “Purchasers”) and, pursuant to the Agreements, issued to the Purchasers $45.0 million in aggregate principal amount of the Corporation’s 7.75% Fixed-to-Floating Rate Subordinated Notes due 2035 (the “Notes”). The Notes were offered and sold in a private placement

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Source: SEC EDGAR

accession 0001171843-25-003817

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