Company: SFNC
Filing Date: 2025-09-10
Form Type: 424B5
Source: 0001193125-25-200113
Chunk: 27

Company: SIMMONS FIRST NATIONAL CORP
Filing Date: 2025-09-10
Form: 424B5
Chunk 27
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 measure bank-specific credit risk and, as a result, is less likely to correlate with the unsecured short-term funding costs of banks. This may mean that market participants would not
consider SOFR a suitable replacement or successor for all of the purposes for which LIBOR historically has been used (including, without limitation, as a representation of the unsecured short-term funding costs of banks), which may, in turn, lessen
market acceptance of SOFR. Any failure of SOFR to

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maintain wide market acceptance could adversely affect the return on and value of the Notes and the price at which investors can sell the Notes in the secondary market.

A change in the Benchmark rate may be treated as a significant modification of the Notes for tax purposes, which could result in taxable gain or loss to holders.

If a term of the Notes, such as the interest rate, is altered and the degree to which the Notes are altered is
economically significant, the Notes will be treated as exchanged for the modified notes for federal tax purposes. A deemed exchange of the Notes could result in gain or loss to the holders. Thus, if the Benchmark rate is replaced with a rate other
than the Three-Month Term SOFR, such replacement could adversely affect the holders of the Notes.

The secondary trading market for Notes linked to Three-Month Term SOFR may be limited.

The Notes will have no established trading market when issued, and an established trading
market may never develop or may not be very liquid. Market terms for debt securities linked to Three-Month Term SOFR (such as the Notes) such as the applicable spread may evolve over time and, as a result, trading prices of the Notes may be lower
than those of later-issued debt securities that are linked to Three-Month Term SOFR. Similarly, if Three-Month Term SOFR does not prove to be widely used in debt securities similar to the Notes, the trading price of the Notes may be lower than that
of debt securities linked to rates that are more widely used. Investors in the Notes may not be able to sell such Notes at all or may not be able to sell such Notes at prices that will provide a yield comparable to similar investments that have a
developed secondary market. Further, investors wishing to sell the Notes in the secondary market during the floating rate period will have to make assumptions as to the future performance of Three-Month Term SOFR during the applicable floating rate
period in which they intend the sale to take place. As a result