Fulton Financial closes $300M 5.950% subordinated notes due 2036; refis $195M notes

FULTON FINANCIAL CORP

Issued $300M aggregate principal of 5.950% Fixed-to-Floating Rate Subordinated Notes due May 15, 2036.
Interest fixed at 5.950% through May 15, 2031, then floats at 3-month SOFR + 217 bps quarterly.
Proceeds repay $195M of outstanding 3.250% Subordinated Notes due 2030 and for general corporate purposes.
Notes are callable at par on or after May 15, 2031.
Underwriters: Piper Sandler & Co. and J.P. Morgan Securities LLC.

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