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ConnectOne Bancorp Inc. Announces Pricing of Subordinated Notes Offering
ENGLEWOOD CLIFFS, N.J., June 10, 2020 (GLOBE NEWSWIRE) -- ConnectOne Bancorp, Inc. (Nasdaq: “CNOB”) (the “Company”), the holding company for ConnectOne Bank
About this update from Connectone Bancorp, Inc.
[{"type":"text","content":"ENGLEWOOD CLIFFS, N.J., June 10, 2020 (GLOBE NEWSWIRE) -- ConnectOne Bancorp, Inc. (Nasdaq: “CNOB”) (the “Company”), the holding company for ConnectOne Bank (the “Bank”), today announced the pricing of its public offering of $75 million aggregate principal amount of 5.750% 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) 5.750% per annum from the original issue date to, but excluding, June 15, 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 560.5 basis points from, and including, June 15, 2025, to, but excluding the maturity date or the date of early redemption 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 15, 2020, subject to the satisfaction of customary closing conditions.\n Keefe Bruyette & Woods, A Stifel Company and Goldman Sachs & Co. LLC are acting as joint book-running managers, and Stephens Inc. is acting as co-manager for the offering. The Company estimates that the net proceeds of the offering will be approximately $73.6 million, after deducting underwriting discounts and estimated offering expenses payable by the Company. The Company anticipates using a portion of the proceeds to redeem its outstanding subordinated notes due July 1, 2025 within a year, and the remainder for general corporate purposes which may include providing capital to support growth of our wholly owned banking subsidiary through organic growth or through the acquisition of financial institutions or branches thereof, the acquisition of failed institutions from the FDIC or the acquisition of businesses related to banking, repaying indebtedness, financing investments and capital expenditures, repurchasing shares of our common stock and for investments in the Bank as regulatory capital. This offering is being made only by means of a prospectus supplement and accompanying base prospectus. The Company has filed a registration statement (File No. 333-221705), and a preliminary prospectus supplement to the base prospectus contained in the registration sta...