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Atlantic Union Bankshares Prices New Preferred

Virginia banker Atlantic Union Bankshares (AUB) has priced their previously announced non cumulative preferred.

The coupon will be a fixed rate of 6.875%.

Shares will trade today on the OTC grey market under temporary ticker AUBKL.

The shares are unrated by the big 3 ratings agencies, but are rated BBB- by Kroll Rating Service.

If this issue trades at $25 or less I may buy a position–which likely would be a ‘flip’ as I am not likely to hold a non investment grade issue at this time for long.

The pricing term sheet can be found here.

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