Hancock Whitney Corporation Redeems Subordinated Notes
June 15 2021 - 4:05PM
Business Wire
5.95% Notes due 2045 were redeemed on June
15, 2021
Hancock Whitney Corporation announced today that it redeemed all
of its issued and outstanding 5.95% Subordinated Notes due 2045
(the "2045 Notes"). The 2045 Notes (Nasdaq: HWCPL), with an
aggregate principal amount of $150 million, were redeemed at 100%
of their principal amount, plus the accrued and unpaid interest
therein. The 2045 Notes will no longer trade on the Nasdaq Stock
Market.
The Company expects cost savings of approximately $9 million
annualized from the redemption and 5 basis points positive impact
on the net interest margin (NIM). One-time costs associated with
the redemption of approximately $4.2 million are expected to be
included in the second quarter of 2021 financial results.
For more information regarding the redemption, please contact
the Company’s trustee, The Bank of New York Mellon Trust Company,
N.A., at (904) 998-4720.
About Hancock Whitney
Since the late 1800s, Hancock Whitney has embodied core values
of Honor & Integrity, Strength & Stability, Commitment to
Service, Teamwork, and Personal Responsibility. Hancock Whitney
offices and financial centers in Mississippi, Alabama, Florida,
Louisiana, and Texas offer comprehensive financial products and
services, including traditional and online banking; commercial and
small business banking; private banking; trust and investment
services; healthcare banking; certain insurance services; and
mortgage services. The company also operates a loan production
office in Nashville, Tennessee. BauerFinancial, Inc., the nation’s
leading independent bank rating and analysis firm, consistently
recommends Hancock Whitney as one of America’s most financially
sound banks. More information is available at
www.hancockwhitney.com.
Forward Looking Statements
This press release contains forward-looking statements that
involve risks and uncertainties, including without limitation
statements relating to the Company’s financial prospects and other
projections of its performance, specifically the redemption of the
2045 Notes and the expected impact on NIM. These and other risks
and uncertainties detailed in the Company’s periodic reports filed
with the Securities and Exchange Commission could cause actual
results to differ materially from those expressed or implied in any
forward-looking statements. You are cautioned not to place undue
reliance on these forward-looking statements, which speak only as
of the date of this press release. All forward-looking statements
are qualified in their entirety by this cautionary statement, and
the Company undertakes no obligation to revise or update any
forward-looking statements to reflect events or circumstances after
the date of this press release.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210615006146/en/
Trisha Voltz Carlson, EVP, Investor Relations Manager
504.299.5208 or trisha.carlson@hancockwhitney.com
Hancock Whitney (NASDAQ:HWCPL)
Historical Stock Chart
From Apr 2024 to May 2024
Hancock Whitney (NASDAQ:HWCPL)
Historical Stock Chart
From May 2023 to May 2024