Kroll Bond Rating Agency Releases Comment on Pinnacle Financial Partners, Inc. Merger Agreement with Avenue Financial Holdings, Inc.

Kroll Bond Rating Agency (KBRA) has released a comment on the merger agreement between Pinnacle Financial Partners, Inc. (NASDAQ: PNFP, “Pinnacle” or “the Company”) and Avenue Financial Holdings, Inc. (NASDAQ: AVNU or “Avenue”) based in Nashville, Tennessee on January 29, 2016. Additionally, Pinnacle Bank has announced the issuance of subordinated notes in the amount of $70 million and a maturity date of July 30, 2025.

KBRA views the merger transaction as credit positive as it bolsters the Company’s market share in its core target market of Nashville, is in line with the Company’s growth strategy, complementary to its current services, and in a market Pinnacle knows well. Despite the benefits, there is always the risk of unforeseen integration challenges. In July of 2015, KBRA assigned a senior unsecured debt rating of BBB+, a subordinated debt rating of BBB, and a short-term rating of K2 to Pinnacle Financial Partners, Inc. In addition, KBRA assigned a senior unsecured debt/deposit rating of A-, a subordinated debt rating of BBB+, and a short-term rating of K2 to its subsidiary, Pinnacle Bank. The outlook on all long-term ratings is stable. The ratings are based on KBRA’s Global Bank and Bank Holding Company Rating Methodology, published on January 28, 2015. The ratings and supporting rationale are available at www.kbra.com.

The report can be viewed at the following link:
www.krollbondratings.com/show_report/3894

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About Kroll Bond Rating Agency

KBRA is registered with the U.S. Securities and Exchange Commission as a Nationally Recognized Statistical Rating Organization (NRSRO). In addition, KBRA is recognized by the National Association of Insurance Commissioners (NAIC) as a Credit Rating Provider (CRP).

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