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Bridgewater Bancshares, Inc. Completes Private Placement of $80.0 Million of 7.625% Fixed-to-Floating Rate Subordinated Notes
ST. LOUIS PARK, Minn., June 24, 2025--Bridgewater Bancshares, Inc. (Nasdaq: BWB) (the "Company"), the parent company of Bridgewater Bank, today announced the completion of a private placement of $80.0 million in aggregate principal amount of 7.625% Fixed-to-Floating Rate Subordinated Notes due 2035 (the "Notes"). The Company intends to use the net proceeds of the private placement of the Notes to redeem $50.0 million of outstanding 5.25% Fixed-to-Floating Rate Subordinated Notes due 2030 and for
About this update from Bridgewater Bancshares, Inc.
[{"type":"image","alt":"","displaySize":"","headline":null,"caption":"","credit":null,"className":"","disableSlideshowImg":false,"size":{"original":{"width":480,"height":265,"url":"https://media.zenfs.com/en/business-wire.com/31e1cdfc1051b4fa44d80a19b2a01d3a"},"resized":{"url":"https://s.yimg.com/ny/api/res/1.2/45l96ts7OzebV4qWxKiwvg--/YXBwaWQ9aGlnaGxhbmRlcjt3PTk2MDtoPTUzMDtjZj13ZWJw/https://media.zenfs.com/en/business-wire.com/31e1cdfc1051b4fa44d80a19b2a01d3a","width":480,"height":265}},"lazy":false},{"type":"text","content":"ST. LOUIS PARK, Minn., June 24, 2025--(BUSINESS WIRE)--Bridgewater Bancshares, Inc. (Nasdaq: BWB) (the "Company"), the parent company of Bridgewater Bank, today announced the completion of a private placement of $80.0 million in aggregate principal amount of 7.625% Fixed-to-Floating Rate Subordinated Notes due 2035 (the "Notes"). The Company intends to use the net proceeds of the private placement of the Notes to redeem $50.0 million of outstanding 5.25% Fixed-to-Floating Rate Subordinated Notes due 2030 and for general corporate purposes.","length":565,"tagName":"p"},{"type":"text","content":"The Notes will initially bear interest at an annual rate of 7.625% from June 24, 2025 to June 30, 2030, with interest during this period payable semi-annually in arrears. From June 30, 2030 to the stated maturity date or early redemption date, the interest rate will be reset quarterly to an annual floating rate equal to the then current three-month term Secured Overnight Financing Rate (SOFR) plus 388 basis points, with interest during this period payable quarterly in arrears. The Notes are redeemable by the Company, in whole or in part, on or after June 30, 2030, and at any time upon the occurrence of certain events. The Notes have been structured to qualify as Tier 2 capital for the Company for regulatory capital purposes.","length":734,"tagName":"p"},{"type":"text","content":"Piper Sandler & Co. acted as lead placement agent while D.A. Davidson & Co. and Hovde Group, LLC acted as co-placement agents for the Notes offering. Barack Ferrazzano Kirschbaum & Nagelberg LLP served as legal counsel to the Company and Alston & Bird LLP served as legal counsel to the placement agents.","length":320,"tagName":"p"},{"type":"text","content":"The Notes have not been registered under the Securities Act of 1933, as amend...