SANDY SPRING BANCORP, INC.

(SASR)
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Delayed Nasdaq  -  04:00 2022-07-01 pm EDT
39.72 USD   +1.66%
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SANDY SPRING BANCORP INC : Entry into a Material Definitive Agreement, Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant, Financial Statements and Exhibits (form 8-K)

03/18/2022 | 02:49pm EDT

Item 1.01 Entry into a Material Definitive Agreement.

Pursuant to the previously announced offering of $200,000,000 aggregate principal amount of 3.875% Fixed-to-Floating Rate Subordinated Notes due 2032 (the "Notes") issued by Sandy Spring Bancorp, Inc. (the "Company"), the Company and Wilmington Trust, National Association, as trustee, entered into a Subordinated Indenture dated as of March 18, 2022 (the "Base Indenture") and a First Supplemental Indenture dated as of March 18, 2022 to the Base Indenture (the "Supplemental Indenture" and, together with the Base Indenture, the "Indenture"), providing for the issuance of the Notes.

The Notes initially will bear interest at a rate of 3.875% per annum, payable semi-annually in arrears on March 30 and September 30 of each year, commencing on September 30, 2022. The last interest payment date for the fixed rate period will be March 30, 2027. From and including March 30, 2027 to, but excluding, March 30, 2032 or the date of earlier redemption, the Notes will bear interest at a floating rate per annum equal to the Benchmark rate (which is expected to be Three-Month Term SOFR), each as defined in and subject to the provisions of the Indenture, plus 196.5 basis points, payable quarterly in arrears on March 30, June 30, September 30 and December 30 of each year, commencing on June 30, 2027. Notwithstanding the foregoing, if the Benchmark rate is less than zero, the Benchmark rate will be deemed to be zero.

The Company may redeem the Notes at such times and at the redemption prices provided for in the Indenture.

The Base Indenture and the Supplemental Indenture (including the form of Notes) are filed as Exhibits 4.1 and 4.2 to this Current Report on Form 8-K, respectively, and are incorporated herein by reference.

The above-mentioned offering was made pursuant to an effective shelf registration statement on Form S-3 (File No. 333-253367) filed by the Company. A copy of the opinion of Kilpatrick Townsend & Stockton LLP relating to the legality of the Notes is filed as Exhibit 5.1 to this Current Report on Form 8-K.

Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant..

The disclosure provided in Item 1.01 of this Current Report on Form 8-K is hereby incorporated by reference into this Item 2.03.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

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Exhibit No.             Description

4.1                       Subordinated Indenture, dated as of March 18, 2022,
                        between Sandy Spring Bancorp, Inc. and Wilmington Trust,
                        National Association, as Trustee

4.2                       First Supplemental Indenture, dated as of March 18, 2022,
                        between Sandy Spring Bancorp, Inc. and Wilmington Trust,
                        National Association, as Trustee

4.3                       Form of 3.875% Fixed-to-Floating Rate Subordinated Note
                        Due 2032 (included as Exhibit A in Exhibit 4.2 hereto)

5.1                       Opinion of Kilpatrick Townsend & Stockton LLP

23.1                      Consent of Kilpatrick Townsend & Stockton LLP (included
                        in Exhibit 5.1)

104                     Cover Page Interactive Data File (embedded within the
                        Inline XBRL document)



                                       2

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