Sandy Spring Bancorp, Inc. Announces Transition of LIBOR-based Securities to CME Term SOFR
OLNEY, Md., July 12, 2023 (GLOBE NEWSWIRE) -- Sandy Spring Bancorp, Inc. (Nasdaq – SASR) announced today that CME Term SOFR will be the replacement reference rate for certain fixed-to-floating rate debt securities issued by the Company that use three-month U.S. dollar LIBOR as the reference rate.
In accordance with the Adjustable Interest Rate (LIBOR) Act (the “LIBOR Act”) and the final regulations issued by the Board of Governors of the Federal Reserve System implementing the LIBOR Act (the “LIBOR Rule”), the debt securities specified below issued by the Company will transition to 3-month Term SOFR (as administered by the CME Group Benchmark Administration Limited) plus the relevant tenor spread adjustment of 0.26161% established by the LIBOR Rule on the first applicable date after June 30, 2023.
CUSIP | Security | First Applicable Date |
800363AB9 | 4.25% fixed-to-floating rate subordinated notes due 2029 | November 15, 2024(1) |
(1) Redeemable at the Company’s option, subject to regulatory approval, either (i) in whole or in part on any interest payment date on or after November 15, 2024, or (ii) in whole but not in part, at any time following a regulatory capital treatment or tax event.
About Sandy Spring Bancorp, Inc./Sandy Spring Bank
Sandy Spring Bancorp, Inc., headquartered in Olney, Maryland, is the holding company for Sandy Spring Bank, a premier community bank in the Greater Washington, D.C. region. With over 50 locations, the bank offers a broad range of commercial and retail banking, mortgage, private banking, and trust services throughout Maryland, Virginia, and Washington, D.C. Through its subsidiaries, Rembert Pendleton Jackson and West Financial Services, Inc., Sandy Spring Bank also offers a comprehensive menu of wealth management services.
For additional information or questions, please contact:
Daniel J. Schrider, Chair, President & Chief Executive Officer, or
Philip J. Mantua, E.V.P. & Chief Financial Officer
Sandy Spring Bancorp
17801 Georgia Avenue
Olney, Maryland 20832
1-800-399-5919
Email: DSchrider@sandyspringbank.com
PMantua@sandyspringbank.com
Website: www.sandyspringbank.com
Media Contact:
Diane Deskins Hicks
240-749-9261
dhicks@sandyspringbank.com
