Financial Institutions Inc. issues $80M subnotes at 6.50%, to redeem $65M higher-cost debt

FINANCIAL INSTITUTIONS INC

Issued $80M of 6.50% fixed-to-floating subordinated notes due 2035; fixed rate for first 5 years, then SOFR+312bps.
Net proceeds to redeem $65M of outstanding subnotes currently bearing ~8.1-8.2% interest, expected redemption on/about Jan 15, 2026.
Notes rated BBB- by Kroll; CEO expects Total Risk-Based Capital ratio to be temporarily elevated ~150 bps at year-end.
CEO says refinancing provides more attractive rates and additional capital for deployment.

item 1.01 item 2.03 item 7.01 item 8.01 item 9.01

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

FINANCIAL INSTITUTIONS INC incurred senior notes of $80.0 million in aggregate principal amount at 6.50% maturing December 15, 2035.

Instrument: senior notes
Principal: $80.0 million in aggregate principal amount
Rate: 6.50%
Maturity: December 15, 2035
Event: incurrence

Exact text from the filing

pursuant to which the Company issued $80.0 million in aggregate principal amount of its 6.50% Fixed-to-Floating Rate Subordinated Notes due 2035

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311 debt financings filed in the last 30 days. Browse all debt financings →

FINANCIAL INSTITUTIONS INC filing history →

Source: SEC EDGAR

accession 0001193125-25-316059

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