First Republic Bank Announces Redemption of 1.912% Senior Fixed-to-Floating Rate Notes Due 2024

Rhea-AI Summary

First Republic Bank (NYSE:FRC) has announced its decision to redeem $500 million of its 1.912% Senior Fixed-to-Floating Rate Notes set to mature in 2024. This redemption will take place on February 12, 2023, with holders receiving 100% of the principal plus any unpaid interest. The fiscal agent for this transaction is The Bank of New York Mellon Trust Company. This strategic move highlights the bank's financial management approach, although it does not indicate any immediate changes in its operational strategy.

Positive

• Redemption of $500 million in Senior Notes indicates strong financial health.
• Elimination of existing debt improves balance sheet and reduces interest expenses.

Negative

• None.

SAN FRANCISCO--(BUSINESS WIRE)-- First Republic Bank (NYSE:FRC) announced today that it has given notice of its intention to redeem in full the $500 million outstanding principal amount of its 1.912% Senior Fixed-to-Floating Rate Notes due 2024 (CUSIP No. 33616C HQ6) (the “Notes”) on February 12, 2023. The Notes will be redeemed at a redemption price equal to the sum of 100% of the aggregate principal amount of the Notes and any accrued and unpaid interest to, but excluding, February 12, 2023.

First Republic Bank has instructed The Bank of New York Mellon Trust Company, N.A., the fiscal and paying agent for the Notes, to distribute a notice of redemption to all holders of the Notes. Copies of the applicable notice of redemption and additional information relating to the procedure for the redemption of the Notes may be obtained from The Bank of New York Mellon Trust Company, N.A. by calling 1-800-254-2826.

This news release shall not constitute an offer to sell, a solicitation to buy or an offer to purchase or sell any securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

About First Republic Bank

Founded in 1985, First Republic and its subsidiaries offer private banking, private business banking and private wealth management. First Republic specializes in delivering exceptional, relationship-based service and provides a complete line of products, including residential, commercial and personal loans, deposit services, and private wealth management, including investment, brokerage, insurance, trust and foreign exchange services. Services are offered through preferred banking or wealth management offices primarily in San Francisco, Palo Alto, Los Angeles, Santa Barbara, Newport Beach and San Diego, California; Portland, Oregon; Boston, Massachusetts; Palm Beach, Florida; Greenwich, Connecticut; New York, New York; Jackson, Wyoming; and Bellevue, Washington. First Republic is a constituent of the S&P 500 Index and KBW Nasdaq Bank Index. For more information, visit firstrepublic.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Statements about our expectations, beliefs, plans, predictions, forecasts, objectives, assumptions or future events or performance are not historical facts and may be forward-looking. These statements are often, but not always, made through the use of words or phrases such as “anticipates,” “believes,” “can,” “could,” “may,” “predicts,” “potential,” “should,” “will,” “estimates,” “plans,” “projects,” “continuing,” “ongoing,” “expects,” “intends” and similar words or phrases. Accordingly, these statements are only predictions and involve estimates, known and unknown risks, assumptions and uncertainties that could cause actual results to differ materially from those expressed in them. All forward-looking statements are necessarily only estimates of future results, and there can be no assurance that actual results will not differ materially from expectations, and, therefore, you are cautioned not to place undue reliance on such statements. Any forward-looking statements are qualified in their entirety by reference to the factors discussed throughout our public filings under the Securities Exchange Act of 1934, as amended. Further, any forward-looking statement speaks only as of the date on which it is made, and we undertake no obligation to update any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events.

FRC-F

View source version on businesswire.com: https://www.businesswire.com/news/home/20230202005743/en/

Investors:

Andrew Greenebaum / Kimberly Esterkin

Addo Investor Relations

agreenebaum@addo.com

kesterkin@addo.com

(310) 829-5400

Media:

Greg Berardi

Blue Marlin Partners

gberardi@firstrepublic.com

(415) 239-7826

Source: First Republic Bank

FAQ

What is the redemption amount for First Republic Bank's Senior Notes?

First Republic Bank intends to redeem $500 million of its Senior Fixed-to-Floating Rate Notes.

When will First Republic Bank redeem its Senior Notes?

The redemption is scheduled for February 12, 2023.

What type of financial instrument is First Republic Bank redeeming?

The bank is redeeming its 1.912% Senior Fixed-to-Floating Rate Notes due 2024.

Who is handling the redemption for First Republic Bank?

The Bank of New York Mellon Trust Company is the fiscal and paying agent for the Notes.

What will holders receive upon redemption of the Notes?

Holders will receive 100% of the principal amount plus any accrued and unpaid interest.