First Citizens amends SVB acquisition financing: purchase money note increased to ~$36.07B at 3.5%

FIRST CITIZENS BANCSHARES INC /DE/

Amended purchase money note principal adjusted from $35B to ~$36.07B, interest 3.5% p.a., maturing March 2028.
Advance Facility Agreement provides up to $70B liquidity through March 2025 at SOFR + 25 bps, subordinated to purchase money note.
No scheduled principal payments; FCB may prepay without penalty twice monthly.
Collateral includes loans acquired from SVB and facility accounts; covenants and events of default detailed.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

FIRST CITIZENS BANCSHARES INC /DE/ entered into Advance Facility Agreement with Federal Deposit Insurance Corporation, as receiver for Silicon Valley Bridge Bank valued at up to $70 billion (effective 2023-03-27).

Action: entry
Agreement: credit facility
Counterparty: Federal Deposit Insurance Corporation, as receiver for Silicon Valley Bridge Bank
Value: up to $70 billion
Effective: 2023-03-27

Exact text from the filing

An Advance Facility Agreement, dated as of March 27, 2023, and effective as of November 20, 2023 (the "Advance Facility Agreement"), by and between FCB and the Receiver as lender and as collateral agent (in such capacity, the "Collateral Agent"), providing total advances available through March 27, 2025 of up to $70 billion

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

FIRST CITIZENS BANCSHARES INC /DE/ entered into Amended and Restated Purchase Money Note with Federal Deposit Insurance Corporation, as receiver for Silicon Valley Bridge Bank valued at $35 billion (effective 2023-03-27).

Action: entry
Agreement: credit facility
Counterparty: Federal Deposit Insurance Corporation, as receiver for Silicon Valley Bridge Bank
Value: $35 billion
Effective: 2023-03-27

Exact text from the filing

FCB issued a five-year $35 billion note payable to the Receiver (the "Original Purchase Money Note"), and entered into binding terms and conditions for an up to $70 billion line of credit provided by the Receiver for related risks and liquidity purposes (the "Initial Liquidity Commitment", and with the Original Purchase Money Note, the "Initial Financing").

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Source: SEC EDGAR

accession 0001193125-23-283396

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