Sterling Bancorp Closes $225 Million Subordinated Notes Offering

Rhea-AI Summary

Sterling Bancorp (NYSE: STL) announced the successful closing of its public offering of $225 million in 3.875% fixed-to-floating rate subordinated notes due 2030. The offering was managed by Piper Sandler & Co., U.S. Bancorp Investments, Inc., and PNC Capital Markets LLC. Proceeds will be utilized for general corporate purposes, including repayment of certain debts. Sterling National Bank provides a range of banking services focused on business owners and consumers.

Positive

• Raised $225 million through subordinated notes offering.
• Proceeds to be used for general corporate purposes and debt repayment.

Negative

• Potential risks associated with debt obligations and market conditions.

PEARL RIVER, N.Y., Oct. 30, 2020 (GLOBE NEWSWIRE) -- Sterling Bancorp (NYSE: STL) (the “Company”), the parent holding company of Sterling National Bank, announced today the closing of its underwritten public offering of $225,000,000 aggregate principal amount of its 3.875% fixed-to-floating rate subordinated notes due 2030 (the “Notes”). Piper Sandler & Co., U.S. Bancorp Investments, Inc. and PNC Capital Markets LLC acted as joint book-running managers for the offering.

The Company expects to use the net proceeds of this offering for general corporate purposes, including the repayment of certain outstanding indebtedness.

About Sterling Bancorp
Sterling Bancorp, whose principal subsidiary is Sterling National Bank, specializes in the delivery of services and solutions to business owners, their families and consumers within the communities it serves through teams of dedicated and experienced relationship managers. Sterling National Bank offers a complete line of commercial, business, and consumer banking products and services.

CAUTION CONCERNING FORWARD-LOOKING STATEMENTS
This release may contain “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements may concern the Company's current expectations about its future results, plans, operations and prospects and are subject to numerous assumptions, risks and uncertainties, including inflation; the effects of, and changes in, trade; changes in asset quality and credit risk; introduction, withdrawal, success and timing of business initiatives; capital management activities; customer disintermediation; and the success of the Company at managing these risks. Other factors that could cause the Company's actual results to differ from those indicated in forward-looking statements are included in the “Risk Factors” section of the Company's securities filings with the SEC. The forward-looking statements included herein are only made as of the date hereof, and the Company specifically disclaims any obligation to update these statements in the future.

STERLING BANCORP CONTACT:
Emlen Harmon, SVP & Director of Investor Relations
845.369.8040
Sterling Bancorp
Two Blue Hill Plaza Second Floor
Pearl River, NY 10965

T 845.369.8040
F 845.369.8255

FAQ

What was the amount raised in Sterling Bancorp's recent offering?

Sterling Bancorp raised $225 million through its public offering of subordinated notes.

What will the proceeds from the Sterling Bancorp offering be used for?

The proceeds will be used for general corporate purposes, including repayment of certain outstanding indebtedness.

Who managed the Sterling Bancorp subordinated notes offering?

The offering was managed by Piper Sandler & Co., U.S. Bancorp Investments, Inc., and PNC Capital Markets LLC.

What is the interest rate of the subordinated notes issued by Sterling Bancorp?

The subordinated notes have a fixed-to-floating interest rate of 3.875%.

When do the subordinated notes issued by Sterling Bancorp mature?

The subordinated notes are due in 2030.