Atlantic Union Bankshares (NYSE: AUB) plans $250M notes to refinance 2029 debt
Rhea-AI Filing Summary
Atlantic Union Bankshares Corporation entered into an underwriting agreement to offer and sell $250 million aggregate principal amount of 6.25% Fixed-to-Floating Rate Subordinated Notes due 2036 at a public offering price of 100.00% of principal, through underwriters led by Keefe, Bruyette & Woods and Piper Sandler. Closing is expected on or about July 30, 2026, subject to customary conditions.
The company intends to use the net proceeds to repay $168.0 million aggregate principal amount of its outstanding 4.25% Fixed-to-Floating Rate Subordinated Notes due 2029, plus accrued interest, and for general corporate purposes, including providing capital to Atlantic Union Bank to support growth. A conditional notice of redemption has been delivered for all 2029 Notes, with redemption contingent on completion of the new notes offering and the resulting proceeds.
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8-K Event Classification
2 items: 1.01, 9.01
2 items
Item 1.01
Entry into a Material Definitive Agreement
Business
The company signed a significant contract such as a merger agreement, credit facility, or major partnership.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Key Figures
New subordinated notes size: $250 million aggregate principal amount
Coupon on new notes: 6.25%
Public offering price: 100.00% of aggregate principal amount
+4 more
7 metrics
New subordinated notes size
$250 million aggregate principal amount
6.25% Fixed-to-Floating Rate Subordinated Notes due 2036
Coupon on new notes
6.25%
Interest rate on subordinated notes due 2036
Public offering price
100.00% of aggregate principal amount
Issue price for the 2036 subordinated notes
Debt to be repaid
$168.0 million aggregate principal amount
Outstanding 4.25% Fixed-to-Floating Rate Subordinated Notes due 2029
Coupon on notes to be redeemed
4.25%
Interest rate on subordinated notes due 2029 targeted for repayment
Registration statement file number
333-281290
Form S-3ASR automatic shelf registration used for the offering
Expected closing date
July 30, 2026
Anticipated closing of the 2036 subordinated notes offering
Key Terms
Fixed-to-Floating Rate Subordinated Notes, underwriting agreement, conditional notice of redemption, automatic shelf registration statement, +1 more
5 terms
Fixed-to-Floating Rate Subordinated Notes financial
"6.25% Fixed-to-Floating Rate Subordinated Notes due 2036"
A fixed-to-floating rate subordinated note is a debt security that pays a set interest rate for an initial period and then switches to a variable rate tied to a market benchmark; it ranks below senior debt for repayment if the issuer has financial trouble. Investors care because it offers higher initial yield than senior bonds but carries greater credit and repayment risk and exposes holders to changing interest costs after the switch, like moving from a steady paycheck to one that fluctuates with the economy.
underwriting agreement financial
"entered into an underwriting agreement with Keefe, Bruyette & Woods, Inc."
An underwriting agreement is a contract where a company selling new stocks or bonds hires financial firms to buy those securities and resell them to investors. It matters because the agreement sets the offering price, number of securities, fees and which party bears the risk if sales fall short—think of it as a promise that the sale will happen and a roadmap investors can use to understand how the new securities reach the market.
conditional notice of redemption financial
"A conditional notice of redemption was delivered to the holders of the 2029 Notes"
automatic shelf registration statement regulatory
"offered pursuant to the Company’s Registration Statement on Form S-3ASR"
An automatic shelf registration statement is a pre-approved filing that companies submit to securities regulators, allowing them to sell new shares or bonds quickly and efficiently when needed. It acts like a standing permit, enabling the company to raise money without going through a lengthy approval process each time, which can be helpful for responding promptly to market opportunities or needs. For investors, it provides transparency about the company's ability to raise funds and signals planning flexibility.
prospectus supplement regulatory
"as supplemented by a preliminary prospectus supplement and a final prospectus supplement"
A prospectus supplement is an additional document provided alongside a company's main offering details, offering updated or extra information about a specific financial product being sold. It helps investors understand the latest terms, risks, and details of the investment, similar to how an update or revision clarifies or expands on original instructions, ensuring they have current and complete information before making a decision.
AI-generated analysis. How Rhea-AI works. Not financial advice.
