Exhibit 99.1
FOR IMMEDIATE RELEASE
SANDY SPRING BANCORP ANNOUNCES PRICING OF
SUBORDINATED NOTES OFFERING
OLNEY, Md., October 29, 2019 – Sandy Spring Bancorp, Inc. (Nasdaq: SASR, “Sandy Spring”) today announced the pricing of its offering of $175 million aggregate principal amount of 4.25%Fixed-to-Floating Rate Subordinated Notes due 2029 (the “Notes”). The Notes will bear a fixed interest rate of 4.25% per year from, and including, the date of issuance to, but excluding, November 15, 2024, payable semi-annually in arrears. From, and including, November 15, 2024 to, but excluding, the maturity date or any early redemption date, the interest rate shall be a floating rate equal to three-month LIBOR determined on the determination date of the applicable interest period plus 262 basis points, payable quarterly in arrears. The Notes were offered to the public at 100% of their face amount.
Sandy Spring expects to use approximately $10.3 million of the net proceeds from the sale of the Notes to redeem outstanding junior subordinated debt securities and approximately $25.0 million of the net proceeds to redeem subordinated debt on or after the date that debt first becomes callable on October 15, 2020. The remainder of the net proceeds will be used for general corporate purposes. The offering is expected to close on November 5, 2019, subject to customary closing conditions.
Keefe, Bruyette & Woods,A Stifel Company, is acting as sole book-running manager for the Notes offering and Stephens Inc. is acting asco-manager.
The Notes are being offered pursuant to an effective shelf registration statement (FileNo. 333-222910) by means of a preliminary prospectus supplement filed with the U.S. Securities and Exchange Commission (the “SEC”), and a final prospectus supplement to be filed with the SEC.
Copies of the preliminary prospectus supplement and accompanying base prospectus relating to the offering of the Notes can be obtained without charge by visiting the SEC’s website at www.sec.gov, or may be obtained from: Keefe, Bruyette & Woods,A Stifel Company, 787 Seventh Avenue, Fourth Floor, New York, New York 10019, Attn.: Syndicate Operations, or by calling 1 (800)966-1559; and Stephens Inc., 111 Center Street, Little Rock, Arkansas 72201, Attn: Syndicate, or by calling 1 (800)643-9691.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the Notes in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
