The Firm recently represented People’s United Bank, a subsidiary of People’s United Financial, Inc., in connection with its offering of $400 million aggregate principal amount of its 4.00% Subordinated Notes due 2024. The Subordinated Notes will qualify as Tier 2 capital of the Bank for regulatory capital purposes as of the issue date. The Bank anticipates using the net proceeds in its banking business, including funding of loans and investment securities, and for other general corporate purposes in the ordinary course of its business.
People’s United Financial, Inc. is a diversified financial services company with over $33 billion in assets. People’s United Bank, founded in 1842, is the largest independent bank headquartered in New England and provides commercial and retail banking, as well as wealth management services through a network of 406 branches in Connecticut, Massachusetts, Vermont, New York, New Hampshire and Maine.
The Simpson Thacher Team included Lee Meyerson, Andy Keller, Lia Toback, Brian Rosenzweig, Charlie Mathes and Brian Park (Capital Markets); Mark Chorazak and Randy Benjenk (Financial Institutions); Jeanne Annarumma (Executive Compensation and Employee Benefits); and Jonathan Cantor and Taylor Alexander (Tax).