CHAMPAIGN, Ill., May 28, 2020 (GLOBE NEWSWIRE) -- First Busey Corporation (NASDAQ: BUSE) (the “Company”), the holding company for Busey Bank (the “Bank”), today announced the pricing of its public offering of $125 million aggregate principal amount of 5.25% Fixed-to-Floating Rate Subordinated Notes due 2030 (the “Notes”). The price to the public for the Notes was 100% of the principal amount of the Notes. Interest on the Notes will accrue at a rate equal to (i) 5.25% per annum from the original issue date to, but excluding, June 1, 2025, payable semiannually in arrears, and (ii) a floating rate per annum equal to a benchmark rate, which is expected to be Three-Month Term SOFR (as defined in the Notes), plus a spread of 511 basis points from, and including, June 1, 2025, payable quarterly in arrears. The Notes are intended to qualify as Tier 2 capital for regulatory purposes. This offering is expected to close on June 1, 2020, subject to the satisfaction of customary closing conditions.
First Busey Corporation Announces Pricing of Subordinated Notes Offering
May 29, 2020
Survey
We'd love to learn more about your experiences on GuruFocus.com and how we can improve!
Take Survey
Follow Us
Disclaimers