Capital Offerings

Preferred Stock
Announce Date Offering Type Status Private Placement? Coupon (%) Shares Offered Offering Size ($000)
11/16/2020 Preferred Equity Priced 11/16/2020 No 4.450 6,000,000
(Depositary shares)
150,000
  4.450 Series B non-cumulative perpetual preferred stock, $0.01 par value
2/12/2013 Preferred Equity Priced 2/12/2013 No 5.3750 6,000,000 150,000
 
Trust Preferred
Announce Date Private Placement? Coupon (%) Maturity Date YTM (%) Offering Size ($000)
2/6/2004 No - 3/1/2034 - 120,000
 
2/3/2004 Yes - 3/1/2034 - 120,000
 
Subordinated Debt
Announce Date Private Placement? Coupon (%) Maturity Date YTM (%) Offering Size ($000)
3/10/2017 No 4.5000 3/17/2027 4.528 100,000
 
2/12/2007 No - 2/15/2017 - 100,000
 
Trust Preferred
Announce Date Private Placement? Coupon (%) Maturity Date YTM (%) Offering Size ($000)
Summit Bancshares, Inc.
5/4/2004 Yes - 7/7/2034 - 12,000
 
Subordinated Debt
Announce Date Private Placement? Coupon (%) Maturity Date YTM (%) Offering Size ($000)
Frost Bank
7/27/2001 No 6.875 8/1/2011 6.881 150,000
 

Note: Capital Offerings information is comprehensive for securities issued on or after January 1, 2000.

Company Name Cullen/Frost Bankers, Inc.
Offering Type Preferred Equity
Description PERP PFD SER A %
ISIN US2298992080
Currency of Issue USD
 
Announcement Date 2/12/2013
Trade Date 2/12/2013
Settlement Date 2/15/2013
Completion Date 2/12/2013
Lock-up Expiration 3/14/2013
Shelf Filing Date 1/31/2013
 
144a? No
Mandatory Redemption? No
Convertible? No
Exchange for Existing Issue? No

Use of Proceeds
The company intends to use the net proceeds from this offering to repurchase shares of its common stock under an accelerated share repurchase agreement anticipated to be entered into concurrently with this offering.

Pricing
Offer Price ($) 25.00
Gross Amount Offered ($000) 150,000
Amount Including Overallotment ($000) 150,000
Shares Offered 6,000,000
Total Shares Offered 6,000,000

Current Security Ratings Current Issuer Ratings
Moody's Corporation Baa2
Standard & Poor's Financial Services, LLC BBB-

Underwriting Fees
Gross Spread ($) 0.77
Gross Spread (%) 3.08
Reallowance ($) 0.45

Underwriters Shares Underwritten Amount Underwritten($000)
Book Manager(s)
  Morgan Stanley & Co. LLC 2,040,000 51,000
  UBS Securities LLC 2,040,000 51,000
  Goldman Sachs & Co. LLC 1,020,000 25,500
Co-Manager(s)
  Barclays Capital Inc. 150,000 3,750
  J.P. Morgan Securities LLC 150,000 3,750
  Keefe, Bruyette & Woods, Inc. 150,000 3,750
  RBC Capital Markets, LLC 150,000 3,750
  Sandler O'Neill & Partners, L.P. 150,000 3,750
  Stifel, Nicolaus & Company, Incorporated 150,000 3,750

Professionals
Issuer's Counsel Sullivan & Cromwell LLP
Underwriter's Counsel Simpson Thacher & Bartlett LLP
Auditor(s) Ernst & Young LLP
Clearing House(s) Clearstream Banking S.A.
Euroclear Bank SA/NV
The Depository Trust Company

Copyright© 2021, Fitch Ratings, Inc., Fitch Ratings, Ltd. and its subsidiaries (“Fitch”). Reproduction of the Fitch credit ratings in any form is prohibited except with the prior written permission of Fitch. Fitch does not guarantee the accuracy, completeness, timeliness or availability of any information, including ratings, and is not responsible for any errors or omissions (negligent or otherwise), regardless of the cause, or for the results obtained from the use of ratings. FITCH GIVES NO EXPRESS OR IMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE. Fitch shall not be liable for any direct, indirect, incidental, exemplary, compensatory, punitive, special or consequential damages, costs, expenses, legal fees, or losses (including lost income or profits and opportunity costs or losses caused by negligence) in connection with any use of the Fitch credit ratings. Fitch’s ratings are statements of opinions and are not statements of fact or recommendations to purchase, hold or sell securities. Fitch credit ratings do not address the market value of securities or the suitability of securities for investment purposes, and should not be relied on as investment advice.
Company Name Cullen/Frost Bankers, Inc.
Issuer Name Cullen/Frost Capital Trust II
Offering Type Subordinated Debt
Description FRN JNR SUB 01/03/2034 USD (SEC REGD) (A)
ISIN US230000AB75
Common Code 020214210
Currency of Issue USD
Trading Symbol (Exchange) CFR.GB (OTCBB)
 
Announcement Date 2/6/2004
Completion Date 7/14/2004
 
144a? No
Mandatory Redemption? Yes
Convertible? No
Exchange for Existing Issue? Yes

Pricing
Gross Amount Offered ($000) 120,000
Amount Including Overallotment ($000) 120,000
Minimum Denominations/Increments 100,000/1,000
Shares Offered 120,000
Total Shares Offered 120,000

Current Security Ratings Current Issuer Ratings
Moody's Corporation Baa1
Standard & Poor's Financial Services, LLC BBB-

Underwriters Shares Underwritten Amount Underwritten($000)
Exchange Agent(s)
  The Bank of New York Mellon - 120,000

Professionals
Auditor(s) Ernst & Young LLP
Clearing House(s) The Depository Trust Company

Copyright© 2021, Fitch Ratings, Inc., Fitch Ratings, Ltd. and its subsidiaries (“Fitch”). Reproduction of the Fitch credit ratings in any form is prohibited except with the prior written permission of Fitch. Fitch does not guarantee the accuracy, completeness, timeliness or availability of any information, including ratings, and is not responsible for any errors or omissions (negligent or otherwise), regardless of the cause, or for the results obtained from the use of ratings. FITCH GIVES NO EXPRESS OR IMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE. Fitch shall not be liable for any direct, indirect, incidental, exemplary, compensatory, punitive, special or consequential damages, costs, expenses, legal fees, or losses (including lost income or profits and opportunity costs or losses caused by negligence) in connection with any use of the Fitch credit ratings. Fitch’s ratings are statements of opinions and are not statements of fact or recommendations to purchase, hold or sell securities. Fitch credit ratings do not address the market value of securities or the suitability of securities for investment purposes, and should not be relied on as investment advice.
Company Name Cullen/Frost Bankers, Inc.
Issuer Name Cullen/Frost Capital Trust II
Offering Type Subordinated Debt
Description FRN JNR SUB 01/03/2034 USD (SEC REGD) (A)
ISIN US230000AB75
Common Code 020214210
Currency of Issue USD
Trading Symbol (Exchange) CFR.GB (OTCBB)
 
Announcement Date 2/3/2004
Trade Date 2/3/2004
Settlement Date 2/6/2004
Completion Date 2/3/2004
 
144a? Yes
Mandatory Redemption? Yes
Convertible? No
Exchange for Existing Issue? No

Use of Proceeds
The net proceeds will be used to purchase floating rate junior subordinated deferrable interest debentures issued by Cullen/Frost.

Pricing
Gross Amount Offered ($000) 120,000
Amount Including Overallotment ($000) 120,000
Minimum Denominations/Increments 100,000/1,000

Current Security Ratings Current Issuer Ratings
Moody's Corporation Baa1
Standard & Poor's Financial Services, LLC BBB-

Underwriters Shares Underwritten Amount Underwritten($000)
Book Manager(s)
  Lehman Brothers Inc. - 120,000

Professionals
Auditor(s) Ernst & Young LLP

Copyright© 2021, Fitch Ratings, Inc., Fitch Ratings, Ltd. and its subsidiaries (“Fitch”). Reproduction of the Fitch credit ratings in any form is prohibited except with the prior written permission of Fitch. Fitch does not guarantee the accuracy, completeness, timeliness or availability of any information, including ratings, and is not responsible for any errors or omissions (negligent or otherwise), regardless of the cause, or for the results obtained from the use of ratings. FITCH GIVES NO EXPRESS OR IMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE. Fitch shall not be liable for any direct, indirect, incidental, exemplary, compensatory, punitive, special or consequential damages, costs, expenses, legal fees, or losses (including lost income or profits and opportunity costs or losses caused by negligence) in connection with any use of the Fitch credit ratings. Fitch’s ratings are statements of opinions and are not statements of fact or recommendations to purchase, hold or sell securities. Fitch credit ratings do not address the market value of securities or the suitability of securities for investment purposes, and should not be relied on as investment advice.
Company Name Cullen/Frost Bankers, Inc.
Offering Type Subordinated Debt
Description 4.5% SUB PIDI NTS 17/03/2027 USD (SEC REGD)
ISIN US229899AB55
Common Code 158221608
Currency of Issue USD
Trading Symbol (Exchange) CFR27 (ARCA)
 
Announcement Date 3/10/2017
Trade Date 3/10/2017
Settlement Date 3/17/2017
Completion Date 3/10/2017
Shelf Filing Date 12/8/2016
 
144a? No
Mandatory Redemption? Yes
Convertible? No
Exchange for Existing Issue? No

Use of Proceeds
The company intends to use the net proceeds from this offering for general corporate purposes.

Pricing
Offer Price ($) 99.78
Yield to Maturity (%) 4.528
Treasury Spread (%) 1.950
Gross Amount Offered ($000) 100,000
Amount Including Overallotment ($000) 100,000
Minimum Denominations/Increments 1,000/1,000

Current Security Ratings Current Issuer Ratings
Moody's Corporation A3
Standard & Poor's Financial Services, LLC BBB+

Underwriting Fees
Gross Spread ($) 6.25
Gross Spread (%) 0.63

Underwriters Shares Underwritten Amount Underwritten($000)
Book Manager(s)
  Goldman Sachs & Co. LLC - 70,000
  J.P. Morgan Securities LLC - 15,000
Co-Manager(s)
  Barclays Capital Inc. - 5,000
  Keefe, Bruyette & Woods, Inc. - 5,000
  Sandler O'Neill & Partners, L.P. - 5,000

Professionals
Issuer's Counsel Sullivan & Cromwell LLP
Underwriter's Counsel Cleary Gottlieb Steen & Hamilton LLP
Auditor(s) Ernst & Young LLP
Clearing House(s) Clearstream Banking S.A.
Euroclear Bank SA/NV
The Depository Trust Company
Company Name Cullen/Frost Bankers, Inc.
Offering Type Subordinated Debt
Description Variable rate unsecured subordinated notes, due 02/15/17
ISIN US229899AA72
Currency of Issue USD
Trading Symbol (Exchange) CFR.GC (OTCPK)
 
Announcement Date 2/12/2007
Trade Date 2/12/2007
Settlement Date 2/15/2007
Completion Date 2/13/2007
 
144a? No
Mandatory Redemption? Yes
Convertible? No
Exchange for Existing Issue? No

Use of Proceeds
The company will use the net proceeds to finance, in part, redemption of the company's outstanding junior subordinated debentures and working capital.

Pricing
Offer Price ($) 99.91
Gross Amount Offered ($000) 100,000
Amount Including Overallotment ($000) 100,000
Minimum Denominations/Increments 1,000/1,000

Current Security Ratings Current Issuer Ratings

Underwriting Fees
Gross Spread ($) 6.50
Gross Spread (%) 0.65
Sales Concession ($) 4.00
Reallowance ($) 2.00

Underwriters Shares Underwritten Amount Underwritten($000)
Book Manager(s)
  Lehman Brothers Inc. - 50,000
Non-book Lead Manager(s)
  Citigroup Global Markets Inc. - 25,000
  J.P. Morgan Securities, Inc. - 15,000
Co-Manager(s)
  Keefe, Bruyette & Woods, Inc. - 10,000

Professionals
Issuer's Counsel Sullivan & Cromwell LLP
Underwriter's Counsel Simpson Thacher & Bartlett LLP
Auditor(s) Ernst & Young LLP
Clearing House(s) The Depository Trust Company

Copyright© 2021, Fitch Ratings, Inc., Fitch Ratings, Ltd. and its subsidiaries (“Fitch”). Reproduction of the Fitch credit ratings in any form is prohibited except with the prior written permission of Fitch. Fitch does not guarantee the accuracy, completeness, timeliness or availability of any information, including ratings, and is not responsible for any errors or omissions (negligent or otherwise), regardless of the cause, or for the results obtained from the use of ratings. FITCH GIVES NO EXPRESS OR IMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE. Fitch shall not be liable for any direct, indirect, incidental, exemplary, compensatory, punitive, special or consequential damages, costs, expenses, legal fees, or losses (including lost income or profits and opportunity costs or losses caused by negligence) in connection with any use of the Fitch credit ratings. Fitch’s ratings are statements of opinions and are not statements of fact or recommendations to purchase, hold or sell securities. Fitch credit ratings do not address the market value of securities or the suitability of securities for investment purposes, and should not be relied on as investment advice.
Company Name Summit Bancshares, Inc.
Issuer Name Summit Bancshares Statutory Trust I
Offering Type Subsidiary Trust Preferred
Description Floating rate trust preferred securities, due 07/07/34
Currency of Issue USD
 
Announcement Date 5/4/2004
Completion Date 5/3/2004
 
144a? Yes
Mandatory Redemption? Yes
Convertible? No
Exchange for Existing Issue? No

Use of Proceeds
The net proceeds of this offering will be used to purchase junior subordinated debentures.

Pricing
Gross Amount Offered ($000) 12,000
Amount Including Overallotment ($000) 12,000
Company Name Frost Bank
Offering Type Subordinated Debt
Description 6.875% Subordinated notes, due 08/01/11
ISIN US359262AT91
Currency of Issue USD
Trading Symbol (Exchange) FROST.GA (OTCBB)
 
Announcement Date 7/27/2001
Trade Date 7/30/2001
Settlement Date 8/1/2001
Completion Date 7/30/2001
 
144a? No
Mandatory Redemption? Yes
Convertible? No
Exchange for Existing Issue? No

Use of Proceeds
The net proceeds will be used for general corporate purposes and qualify as Tier 2 capital for bank regulatory purposes.

Pricing
Offer Price ($) 99.96
Yield to Maturity (%) 6.881
Treasury Spread (%) 1.800
Gross Amount Offered ($000) 150,000
Amount Including Overallotment ($000) 150,000

Current Security Ratings Current Issuer Ratings
Fitch Ratings A-

Underwriters Shares Underwritten Amount Underwritten($000)
Book Manager(s)
  J.P. Morgan Securities, Inc. - 150,000

Professionals
Auditor(s) Ernst & Young LLP

Copyright© 2021, Fitch Ratings, Inc., Fitch Ratings, Ltd. and its subsidiaries (“Fitch”). Reproduction of the Fitch credit ratings in any form is prohibited except with the prior written permission of Fitch. Fitch does not guarantee the accuracy, completeness, timeliness or availability of any information, including ratings, and is not responsible for any errors or omissions (negligent or otherwise), regardless of the cause, or for the results obtained from the use of ratings. FITCH GIVES NO EXPRESS OR IMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE. Fitch shall not be liable for any direct, indirect, incidental, exemplary, compensatory, punitive, special or consequential damages, costs, expenses, legal fees, or losses (including lost income or profits and opportunity costs or losses caused by negligence) in connection with any use of the Fitch credit ratings. Fitch’s ratings are statements of opinions and are not statements of fact or recommendations to purchase, hold or sell securities. Fitch credit ratings do not address the market value of securities or the suitability of securities for investment purposes, and should not be relied on as investment advice.