Axos Financial, Inc. (NYSE: AX) (“Axos” or the “Company”), parent of Axos Bank (the “Bank”), announced today the pricing of a public offering of $150 million in aggregate principal amount of the Company’s 4.00% Fixed-to-Floating Rate Subordinated Notes due 2032 (the “Notes”). The Notes will bear interest at a rate of 4.00% per year, payable semi-annually in arrears on March 1 and September 1 of each year, beginning on September 1, 2022. From and including March 1, 2027 to, but excluding March 1, 2032, or the earlier redemption date, interest will accrue at a floating rate per annum equal to the then-current Three-Month Term SOFR plus a spread of 227 basis points, payable quarterly in arrears. The Notes are callable on any interest payment date at par starting on March 1, 2027. Keefe, Bruyette & Woods, A Stifel Company, and Piper Sandler & Co. are serving as lead and joint book-running manager, respectively, with B. Riley Securities, Inc., D.A. Davidson & Co., and Wedbush Securities, Inc. serving as co-managers on the offering.
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