Associated Announces Redemption of Senior Bank Notes due 2021

Rhea-AI Summary

Associated Banc-Corp (NYSE:ASB) announced the redemption of its 3.500% Fixed Rate Senior Notes due 2021, totaling $300 million. The redemption will be executed on July 13, 2021, at 100% of the principal amount plus accrued interest. Associated Banc-Corp, Wisconsin's largest bank holding company with total assets of $35 billion, operates more than 220 banking locations across several states, offering a diverse range of financial services.

Positive

• Redemption of $300 million senior notes improves the financial structure.
• Maintaining a strong asset base of $35 billion enhances investor confidence.

Negative

• None.

GREEN BAY, Wis., May 21, 2021 /PRNewswire/ -- Associated Banc-Corp (NYSE:ASB) ("Associated") today announced that its subsidiary, Associated Bank, N.A. (the "Bank"), has submitted a redemption notice to the issuing and paying agent for all of the Bank's outstanding 3.500% Fixed Rate Senior Notes due 2021 (CUSIP 04550KAA9), issued in the aggregate principal amount of $300,000,000.  The Bank notes will be redeemed on July 13, 2021 pursuant to their terms for a redemption price equal to 100% of the principal amount, plus accrued and unpaid interest to, but excluding, the redemption date.

ABOUT ASSOCIATED BANC-CORP

Associated Banc-Corp (NYSE: ASB) has total assets of $35 billion and is Wisconsin's largest bank holding company. Headquartered in Green Bay, Wisconsin, Associated is a leading Midwest banking franchise, offering a full range of financial products and services from more than 220 banking locations serving more than 120 communities throughout Wisconsin, Illinois and Minnesota, and commercial financial services in Indiana, Michigan, Missouri, Ohio and Texas. Associated Bank, N.A. is an Equal Housing Lender, Equal Opportunity Lender and Member FDIC. More information about Associated Banc-Corp is available at www.associatedbank.com.

FORWARD LOOKING STATEMENTS

Statements made in this document which are not purely historical are forward-looking statements, as defined in the Private Securities Litigation Reform Act of 1995. This includes any statements regarding management's plans, objectives, or goals for future operations, products or services, and forecasts of its revenues, earnings, or other measures of performance.  Such forward-looking statements may be identified by the use of words such as "believe," "expect," "anticipate," "plan," "estimate," "should," "will," "intend," "target," "outlook," "guidance," or similar expressions. Forward-looking statements are based on current management expectations and, by their nature, are subject to risks and uncertainties. Actual results may differ materially from those contained in the forward-looking statements.  Factors which may cause actual results to differ materially from those contained in such forward-looking statements include those identified in the Company's most recent Form 10-K and subsequent SEC filings.  Such factors are incorporated herein by reference. 

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Investor Contact:
Ben McCarville, Vice President, Director of Investor Relations     
920-491-7059

Media Contact:
Jennifer Kaminski, Vice President, Public Relations Senior Manager
920-491-7576

 

View original content:http://www.prnewswire.com/news-releases/associated-announces-redemption-of-senior-bank-notes-due-2021-301297115.html

SOURCE Associated Banc-Corp

FAQ

What is Associated Banc-Corp's plan for the senior notes due 2021?

Associated Banc-Corp is redeeming all $300 million of its 3.500% Fixed Rate Senior Notes due 2021 on July 13, 2021.

How much asset value does Associated Banc-Corp have?

Associated Banc-Corp has total assets of $35 billion.

What does the redemption of senior notes mean for investors?

The redemption can signify improved financial health and a potential reduction in interest expenses for investors.

When will the senior notes be redeemed?

The senior notes will be redeemed on July 13, 2021.