Berkshire Hills Bancorp, Inc. announced the pricing of its offering of $100.0 million of its 5.50% fixed-to-floating rate subordinated notes due 2032 (the "Notes"). The Notes will initially bear interest at 5.50% per annum, with interest payable semiannually in arrears, commencing on the issue date, to, but excluding, July 1, 2027. Commencing July 1, 2027, the interest rate on the Notes will reset quarterly to a floating rate per annum equal to a benchmark rate that is expected to be the Three-Month Term SOFR (which is defined in the Notes) plus 249 basis points, with interest payable quarterly in arrears.

The Company may redeem the Notes, in whole or in part, on and after July 1, 2027, at a price equal to 100% of the principal amount of the Notes being redeemed plus accrued and unpaid interest. The Notes will mature on July 1, 2032 if they are not earlier redeemed. The Company expects to close the transaction, subject to customary conditions, on or about June 30, 2022.

The Company intends to use an amount equal to the net proceeds of this offering to finance or refinance new or existing assets consistent with its Sustainable Financing Framework, as may be modified from time to time. Pending allocation to such assets, the net proceeds may be used for general corporate purposes, including supporting strategic and organic growth and the repayment of other outstanding indebtedness that has no association with carbon-intensive activities.