Holland & Knight Represents Underwriters in $200 Million Subordinated Debt Offering by Sandy Spring Bancorp
WASHINGTON (March 31, 2022) – Holland & Knight advised Piper Sandler & Co. as sole book-running manager in the offering of $200 million of 3.875% fixed-to-floating rate notes due 2032 by Sandy Spring Bancorp, Inc. (NASDAQ:SASR). The offering closed on March 15.
The notes will bear a fixed interest rate of 3.875% per year until March 30, 2027, when the notes will bear interest at a floating rate per annum equal to the benchmark rate (which is expected to be the three-month SOFR rate) plus a spread of 196.5 basis points, payable quarterly in arrears.
Sandy Spring Bancorp, Inc., headquartered in Olney, Md., is the holding company for Sandy Spring Bank, a premier community bank in the Greater Washington, D.C. region. The company plans to use the net proceeds from the offering for general corporate purposes, which include providing capital to support growth, investing in the bank as regulatory capital, and, to the extent authorized by the board of directors, repurchasing the company's common shares.
Holland & Knight Partners Kevin Houlihan, Mark Goldschmidt and Paul Aguggia led the firm's representation of Piper Sandler & Co. They were supported by Associates Alex Weaver, Amelia Occhino and Emma O'Connell.
More information about the transaction can be found here.