Nashville-based bank subordinated note private offering of $120mil to institutional investors scheduled to close Nov 16

NASHVILLE, Tenn.–(Business Wire)—Nov 9 2016 Pinnacle Financial Partners, Inc. (Nasdaq/NGS: PNFP) announced today that it has priced the issuance, through a private placement, of $120.0 million in aggregate principal amount of subordinated notes due 2026 to certain institutional accredited investors. The offering is anticipated to close on Nov. 16, 2016.

The subordinated notes will be issued at 100 percent of principal amount and will bear a fixed interest rate of 5.25 percent per annum until Nov. 16, 2021, payable semi-annually in arrears. From Nov. 16, 2021, the subordinated notes will bear interest at a floating rate equal to the 3-Month LIBOR + 3.884 percent per annum until the notes mature on Nov. 16, 2026, or such earlier redemption date, payable quarterly in arrears.

The notes will be redeemable, in whole or in part, on or after Nov. 16, 2021 or in whole upon the occurrence of certain specified tax events, capital events or investment company events. The notes will not be subject to redemption at the option of the holders. Offering Memorandum library is the source of preliminary prospectus, private offerings, subordinated note private offering, final prospectus and related securities offering document templates. Hundreds of private placement issuers, investment banks, securities industry research analysts and academic institutions utilize the Library. 

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Pinnacle estimates that the net proceeds from the sale of the notes will be approximately $118.3 million, and the notes are expected to qualify initially as Tier 2 capital for regulatory purposes. Approximately $57 million of the net proceeds will be used to retire all of the outstanding debt under Pinnacle’s $75 million revolving credit facility entered into earlier this year. The remaining net proceeds will be used to contribute capital to Pinnacle Bank and for other general corporate purposes.

This press release does not constitute an offer to sell, or the solicitation of an offer to buy, any security and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offering would be unlawful. The above referenced securities offered and to be sold have not been, and will not be, registered under the Securities Act of 1933, as amended, and may not be offered or sold absent registration or an exemption from registration thereunder or under any applicable state securities laws.

Pinnacle provides a full range of banking, investment, trust, mortgage and insurance products and services designed for businesses and their owners and individuals interested in a comprehensive relationship with their financial institution. The American Banker recognized Pinnacle as the sixth best bank to work for in the country in 2016.

The firm began operations in a single downtown Nashville location in October 2000 and has since grown to approximately $11.0 billion in assets at Sept. 30, 2016. As the second-largest bank holding company headquartered in Tennessee, Pinnacle operates in the state’s four largest markets, Nashville, Memphis, Knoxville and Chattanooga, as well as several surrounding counties.Additional information concerning Pinnacle, which is included in the NASDAQ Financial-100 Index, can be accessed at

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Nashville-based bank places private offering of subordinated notes with institutional investors; scheduled closing Nov 16