Simmons First National closes $325M subordinated notes offering; proceeds to repay $330M 2028 notes

SIMMONS FIRST NATIONAL CORP

Issued $325M aggregate principal of 6.25% Fixed-to-Floating Rate Subordinated Notes due 2035; net proceeds ~$321.3M.
Proceeds to repay in full $330M Floating-to-Fixed Rate Subordinated Notes due 2028 on Oct 1, 2025, plus general corporate purposes.
Notes qualify as Tier 2 regulatory capital; fixed 6.25% through Oct 1, 2030, then floating at 3M SOFR + 302 bps.
Redeemable at Company's option on or after Oct 1, 2030; no acceleration except on bankruptcy/insolvency.
Notes are unsecured, subordinated obligations, structurally subordinated to subsidiary liabilities including Simmons Bank deposits.

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