Source: Investing Published 05/12/2024, 01:21
Pittsburgh – FNB Corporation (NYSE: FNB), a diversified financial services company with a market capitalization of $6 billion, today announced the pricing of its $500 million senior notes. The notes, due in 2030, will carry an initial fixed coupon rate of 5.722% per annum, payable every six months until December 11, 2029. Effective December 11, 2029, the coupon rate will transition to a variable rate.
based on the compounded SOFR rate plus a 1.93% margin, payable quarterly until maturity. The company has shown strong momentum recently, with InvestingPro data indicating a 28% price return over the past six months.
The offering is scheduled to close on December 11, 2024, with the first interest payment due on June 11, 2025. FNB Corporation intends to use the proceeds for general corporate purposes.
which may include supporting the growth of its banking subsidiary, investments at the holding company level, and refinancing existing debt.
Morgan Stanley & Co. LLC, BofA Securities, Inc. and WauBank Securities LLC are acting as joint bookrunners for the offering.
while Bancroft Capital, LLC, BMO Capital Markets Corp., The Goldman Sachs Group Inc. and Piper Sandler & Co. are acting as co-managers.
Investors are advised to read the registration statement, prospectus supplement and other relevant documents filed with the U.S. Securities and Exchange Commission (SEC) for more detailed information about the Company and the offering. These documents are available free of charge on the SEC’s website.
FNB Corporation, with total assets of $48 billion, operates approximately 350 banking offices across seven states and the District of Columbia. Its largest subsidiary, First National Bank of Pennsylvania, offers a range of commercial and consumer banking services.
as well as wealth management solutions. According to InvestingPro analysis, FNB is trading at a P/E multiple of 15.1x and offers a dividend yield of 2.88%.
and has paid a dividend for 50 consecutive years.
For deeper insights into FNB’s financial health and growth potential, investors can access the comprehensive Pro research report, available exclusively on InvestingPro. FNB Corporation trades its common stock on the New York Stock Exchange and includes it in the Standard & Poor’s Midcap 400 Index. The Federal Deposit Insurance Corporation does not insure or certify the securities offered.
This news release is based on a press release and does not constitute an offer to sell or a solicitation of an offer to buy any securities. In other recent news, FNP Corporation reported net operating income of $122 million and earnings per share of $0.34 for the third quarter.
The company also reported record non-interest income of $90 million. Total loans and deposits increased by 4.6% and 5.1%, respectively. Additionally, FNP Corporation appointed Kelly Trombetta as its new chief operating risk officer.
Both Piper Sandler and Stephens maintained their “higher weight” ratings on FNP Corporation.
although Stephens lowered its 2025 and 2026 EPS estimates due to higher non-interest expenses. Both firms expressed a positive outlook for the company’s future performance.
FNP Corporation’s management also expressed an openness to mergers and acquisitions, focusing on smaller, value-adding deals. These recent developments indicate the company’s strategic growth initiatives and resilience in the face of economic challenges.
