Free Writing Prospectus - Filing Under Securities Act Rules 163/433 (fwp)
21 Mai 2020 - 10:57PM
Edgar (US Regulatory)
Issuer Free Writing Prospectus
Filed pursuant to Rule 433
Registration No. 333-238144
May 21, 2020
$200,000,000
5.750% Fixed-to-Floating Rate Subordinated Notes due 2030
Pricing Term Sheet
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Issuer:
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CenterState Bank Corporation (the Company)
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Security:
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5.750% Fixed-to-Floating Rate Subordinated Notes due 2030 (the Notes)
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Aggregate Principal Amount:
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$200,000,000
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Expected Rating1:
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BBB by Kroll Bond Rating Agency, Inc.
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Trade Date:
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May 21, 2020
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Settlement Date:
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May 29, 2020 (T + 5)
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Maturity Date:
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June 1, 2030, if not previously redeemed
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Coupon:
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Fixed rate period: From and including the Settlement Date to, but excluding, June 1, 2025, or the date of earlier redemption (the
fixed rate period) 5.750% per annum, payable semiannually in arrears.
Floating rate period: From and including June 1, 2025 to, but
excluding, the Maturity Date or the date of earlier redemption (the floating rate period), a floating rate per annum equal to the Benchmark rate (which is expected to be Three-Month Term SOFR) (each as defined in the prospectus
supplement under Description of NotesInterest), plus a spread of 561.7 basis points for each quarterly interest period during the floating rate period, payable quarterly in arrears; provided, however, that if the Benchmark
rate is less than zero, the Benchmark rate shall be deemed to be zero.
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Interest Payment Dates:
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Fixed rate period: June 1 and December 1 of each year, commencing on December 1, 2020. The last interest payment date for the fixed rate period will be June 1, 2025.
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A rating is not a recommendation to buy, sell or hold securities. Ratings may be subject to revision or
withdrawal at any time by the assigning rating organization. Each rating agency has its own methodology for assigning ratings and, accordingly, each rating should be evaluated independently of any other rating.
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Floating rate period: March 1, June 1, September 1 and December 1 of each year, commencing on June 1, 2025.
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Record Dates:
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The 15th calendar day immediately preceding the applicable interest payment date.
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Day Count Convention:
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Fixed rate period: 30/360.
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Floating rate period: 360-day year and the number of days actually elapsed.
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Optional Redemption:
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The Company may, at its option, beginning with the interest payment date of June 1, 2025, and on any interest payment date thereafter, redeem the Notes, in whole or in part, from time to time, subject to obtaining the prior
approval of the Federal Reserve to the extent such approval is then required under the rules of the Federal Reserve, at a redemption price equal to 100% of the principal amount of the Notes being redeemed, plus accrued and unpaid interest to, but
excluding, the date of redemption.
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Special Redemption:
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The Company may redeem the Notes at any time prior to the Maturity Date, including prior to June 1, 2025, in whole, but not in part,
subject to obtaining the prior approval of the Federal Reserve to the extent such approval is then required under the rules of the Federal Reserve, if (i) the Company receives an opinion of an independent tax counsel to the effect that as a
result of an amendment or change (including any announced prospective amendment or change) in law, the Company could be prevented from deducting interest payable on the Notes for U.S. federal income tax purposes, (ii) a subsequent event occurs
that could preclude the Notes from being recognized as Tier 2 Capital for regulatory capital purposes, or (iii) the Company is required to register as an investment company under the Investment Company Act of 1940, as amended;
in each case, at a redemption price equal to 100% of the principal amount of the Notes, plus any accrued and unpaid interest to, but excluding, the redemption
date.
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Denominations:
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$1,000 minimum denominations and $1,000 integral multiples thereof.
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Use of Proceeds:
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The Company intends to use the net proceeds from this offering for general corporate purposes, which may include, but are not limited to, financing working capital needs.
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Price to Public:
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100%
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Ranking:
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The Notes will be unsecured, subordinated obligations and:
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will rank junior in right of payment and upon the Companys liquidation
to any of the Companys existing and all of the Companys future senior indebtedness;
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will rank junior in right of payment and upon the Companys liquidation
to any of the Companys general creditors;
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will rank equal in right of payment and upon the Companys liquidation
with all of the Companys future indebtedness the terms of which provide that such indebtedness ranks equally with promissory notes, bonds, debentures and other evidences of indebtedness of types that include the
Notes;
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will rank senior in right of payment and upon the Companys liquidation
to any of the Companys future indebtedness the terms of which provide that such indebtedness ranks junior in right of payment to promissory notes, bonds, debentures and other evidences of indebtedness of types that include the Notes;
and
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will be structurally subordinated to all of the Companys existing and
future indebtedness, deposits and other liabilities of the Companys current and future subsidiaries, including without limitation, CenterState Bank, N.A.s liabilities to depositors in connection with the deposits, as well as liabilities
to general creditors and liabilities arising in the ordinary course of business or otherwise.
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As of March 31, 2020, on a consolidated basis, the aggregate outstanding principal amount of the Companys borrowings totaled approximately $287.5 million, which included approximately $200.0 million that would
rank senior to the Notes and $150.0 million of borrowings of the Companys subsidiaries that would be structurally senior to the Notes.
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CUSIP/ISIN:
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15201PAA7 / US15201PAA75
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Joint Book-Running Managers:
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Keefe, Bruyette & Woods, A Stifel Company
U.S. Bancorp Investments, Inc.
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Co-Manager:
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Piper Sandler & Co.
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Note: We expect that delivery of the Notes will be made against payment therefor on or about the fifth
business day following the date of pricing of the Notes (this settlement cycle being referred to as T+5). Accordingly, purchasers who wish to trade the Notes prior to the delivery of the Notes will be required, by virtue of the fact that
the Notes initially will settle in T+5, to specify an alternate settlement cycle at the time of any such trade to prevent a failed settlement. Purchasers of the Notes who wish to trade their Notes prior to their date of delivery should consult their
own advisors.
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The Company has filed a registration statement (including a prospectus) and a preliminary prospectus supplement
(the Preliminary Prospectus Supplement) with the Securities and Exchange Commission (SEC) for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement,
the Preliminary Prospectus Supplement, the final prospectus supplement (when available) and other documents the Company has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by
visiting EDGAR on the SECs website at www.sec.gov. Alternatively, you may obtain a copy of the prospectus by contacting Keefe, Bruyette & Woods, A Stifel Company at 1-800-966-1559 or U.S. Bancorp Investments, Inc. at
1-877-558-2607.
Capitalized terms used but not defined in this Pricing Term Sheet have the meanings given to them in the Preliminary Prospectus Supplement. This Pricing
Term Sheet is qualified in its entirety by reference to the Preliminary Prospectus Supplement. The information in this Pricing Term Sheet supplements the Preliminary Prospectus Supplement and supersedes the information in the Preliminary Prospectus
Supplement to the extent it is inconsistent with the information in the Preliminary Prospectus Supplement. Other information (including other financial information) presented in the Preliminary Prospectus Supplement is deemed to have changed to the
extent affected by the information contained herein.
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ANY DISCLAIMERS OR OTHER NOTICES THAT MAY APPEAR BELOW ARE NOT APPLICABLE TO THIS COMMUNICATION AND
SHOULD BE DISREGARDED. SUCH DISCLAIMERS OR OTHER NOTICES WERE AUTOMATICALLY GENERATED AS A RESULT OF THIS COMMUNICATION BEING SENT VIA BLOOMBERG OR ANOTHER EMAIL SYSTEM.
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