Company: RNST
Filing Date: 2025-04-04
Form Type: 8-K
Source: 0000715072-25-000123
Chunk: 2

Company: RENASANT CORP
Filing Date: 2025-04-04
Form: 8-K
Item: Item 2.03
Chunk 2
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000 of preferred securities to an investor. Interest on the preferred securities is the three-month term SOFR plus 1.48% plus a tenor spread adjustment of 0.026161% and is payable quarterly. The preferred securities are redeemable by Renasant at its option.

The FMB Subordinated Notes were assumed in The First’s acquisition of FMB Banking Corporation (“ FMB”) and the HSBI Subordinated Debentures were assumed in The First’s acquisition of Heritage Southeast Bank (“ HSBI”). The FMB Subordinated Notes and HSBI Subordinated Debentures were issued in connection with the issuance of trust preferred securities by FMB and HSBI, respectively.

Subordinated Notes

The subordinated notes (in addition to the FMB Subordinated Notes) assumed by Renasant upon consummation of the Mergers consist of $42,000,000 in aggregate principal amount of fixed-to-floating rate subordinated notes due May 1, 2033 (the “2033 Notes”) and $65,000,000 in aggregate principal amount of fixed-to-floating rate subordinated notes due October 1, 2030 (the “2030 Notes”).

The 2033 Notes bear interest at a fixed annual rate of 6.40%, payable quarterly in arrears, for the first ten years of the term. Thereafter, the interest rate will re-set quarterly to an interest rate per annum equal to a benchmark rate (which is expected to be three-month term SOFR plus 3.39% plus a tenor spread adjustment of 0.026161%), payable quarterly in arrears. Renasant is entitled to redeem the 2033 Notes, in whole or in part, on any interest payment date on or after May 1, 2028, and to redeem the 2033 Notes at any time in whole upon certain other specified events.

The 2030 Notes bear interest at a fixed annual rate of 4.25%, payable semi-annually in arrears, for the first five years of the term. Thereafter, the interest rate will reset quarterly to an interest rate per annum equal to a benchmark rate (which is expected to be the three-month term SOFR plus 412.6 basis points), payable quarterly in arrears. Renasant is entitled to redeem the 2030 Notes, in whole or in part, on any interest payment date on or after October 1, 2025, and to redeem the 2030 Notes at any