F.N.B. Corporation Successfully Prices Senior Notes Offering of $500 Million

Overview of the Senior Notes Offering

F.N.B. Corporation (NYSE: FNB), headquartered in Pittsburgh, Pennsylvania, recently announced the pricing details of its senior notes offering, which amounts to a whopping $500 million. This significant financial move is designed to help the company align its resources with future growth, investment opportunities, and refinancing efforts.

The senior notes will be available in fixed and floating rates, with a fixed interest rate set at 5.722% per annum. Payments will be made bi-annually, starting on June 11, 2025, and will extend until December 11, 2029. After that, the notes will transition to a floating rate tied to the Compounded SOFR plus a margin of 1.93%.

Purpose of the Offering

The net proceeds from this offering are expected to be utilized for various general corporate purposes. This includes investments at the holding company level, enhancing the capital reserves needed to support growth initiatives in the company’s banking subsidiary, and refinancing existing debt obligations. By securing these notes, F.N.B. aims to strengthen its financial foundation and optimize its capital structure.

Underwriters and Closing Details

Several key institutions are involved in the underwriting of this offering. Morgan Stanley & Co. LLC, BofA Securities, Inc., and WauBank Securities LLC are serving as joint book-running managers. Other notable players include Bancroft Capital, LLC, BMO Capital Markets Corp., Goldman Sachs & Co. LLC, and Piper Sandler & Co. as co-managers. The anticipated closing date for the offering is December 11, 2024, pending the typical closing conditions.

Regulatory Filings and Investor Considerations

F.N.B. Corporation has already filed a shelf registration statement with the U.S. Securities and Exchange Commission (SEC), along with a base prospectus and a prospectus supplement related to the offering. For potential investors, it's crucial to thoroughly review these documents before making investment decisions, as they include comprehensive information about the risks associated with the notes and the offering itself.

Additionally, this announcement does not serve as an offer to sell or solicit any securities, particularly in jurisdictions where such actions may be unlawful prior to registration or qualification under relevant state laws. As with all such financial instruments, the securities involved are neither insured nor government-approved.

About F.N.B. Corporation

F.N.B. Corporation plays a significant role in the financial landscape of the United States, operating across seven states and the District of Columbia. The corporation has total assets valued at approximately $48 billion and boasts around 350 banking offices in metropolitan areas, including Pittsburgh, Baltimore, and Charlotte. The company offers a wide range of commercial and consumer banking products as well as wealth management services through its largest affiliate, First National Bank of Pennsylvania.

F.N.B. is a respected participant in the financial services sector and is actively involved in strategies aimed at both broadening its market reach and providing superior financial solutions to its customers. The company’s common stock is traded on the New York Stock Exchange under the symbol "FNB" and is part of the Standard & Poor's MidCap 400 Index.

By engaging in this recent senior notes offering, F.N.B. Corporation is positioning itself to enhance its capabilities and deliver on its commitment to serve its customers, investors, and the broader communityv.