NBT Bancorp Inc. Announces Pricing of Subordinated Notes Offering

Written by Customer Service on . Posted in Public Companies.

NORWICH, N.Y., June 16, 2020 (GLOBE NEWSWIRE) — NBT Bancorp Inc. (“NBT” or the “Company”) (NASDAQ: NBTB), the holding company for NBT Bank, N.A. (the “Bank”), today announced the pricing of its public offering of $100 million aggregate principal amount of 5.000% Fixed-to-Floating Rate Subordinated Notes due 2030 (the “Notes”). The price to the public for the Notes was 100% of the principal amount of the Notes. Interest on the Notes will accrue at a rate equal to (i) 5.000% per annum from the original issue date to, but excluding, July 1, 2025, payable semiannually in arrears, and (ii) a floating rate per annum equal to a benchmark rate, which is expected to be Three-Month Term SOFR (as defined in the Notes), plus a spread of 485 basis points from, and including, July 1, 2025, payable quarterly in arrears. The Notes are intended to qualify as Tier 2 capital for regulatory purposes. This offering is expected to close on June 23, 2020, subject to the satisfaction of customary closing conditions.Keefe, Bruyette & Woods, A Stifel Company, and Piper Sandler & Co. are acting as the joint book-running managers for the offering.The Company estimates that the net proceeds of the offering will be approximately $98 million, after deducting underwriting discounts, and before expenses payable by the Company. The Company intends to use the proceeds for general corporate purposes, which may include working capital, repaying indebtedness, providing capital to support the organic growth of the Bank and our other subsidiaries, financing investments and capital expenditures, funding acquisitions and for investments in the Bank and our other subsidiaries as regulatory capital.This offering is being made only by means of a prospectus supplement and accompanying base prospectus. The Company has filed a registration statement (File No. 333-224532) and a preliminary prospectus supplement to the prospectus contained in the registration statement with the U.S. Securities and Exchange Commission (“SEC”) for the Notes to which this communication relates and will file a final prospectus supplement relating to the Notes.Prospective investors should read the prospectus supplement and accompanying prospectus in the registration statement and other documents the Company has filed or will file with the SEC for more complete information about the Company and the offering.Copies of the preliminary prospectus supplement and accompanying base prospectus relating to the Notes offering can be obtained without charge by visiting the SEC’s website at www.sec.gov, or may be obtained by calling Keefe, Bruyette & Woods, A Stifel Company, toll free at 1-800-966-1559 or by e-mail at USCapitalMarkets@kbw.com; or by emailing Piper Sandler & Co. at fsg-dcm@psc.com.Corporate OverviewNBT Bancorp Inc. is a financial holding company headquartered in Norwich, NY, with total assets of $9.95 billion at March 31, 2020. The Company primarily operates through NBT Bank, N.A., a full-service community bank, and through two financial services companies. NBT Bank, N.A. has 146 banking locations in New York, Pennsylvania, Vermont, Massachusetts, New Hampshire and Maine, and is currently entering Connecticut. EPIC Retirement Plan Services, based in Rochester, NY, is a full-service 401(k) plan recordkeeping firm. NBT Insurance Agency, LLC, based in Norwich, NY, is a full-service insurance agency.Disclaimer About This ReleaseForward-Looking StatementsThe Company cautions readers not to place undue reliance on any forward-looking statements, which speak only as of the date made, and advises readers that various factors including, but not limited to, those described above and other factors discussed in the Company’s annual and quarterly reports previously filed with the SEC, could affect the Company’s financial performance and could cause the Company’s actual results or circumstances for future periods to differ materially from those anticipated or projected.Unless required by law, we do not undertake, and specifically disclaim any obligations to, publicly release any revisions that may be made to any forward-looking statements to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such statements.John H. Watt, Jr., President and CEO
                      John V. Moran, Executive Vice President and CFO
                      NBT Bancorp Inc.
                      52 South Broad Street
                      Norwich, NY 13815
                      607-337-6589

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