Business
West Bancorporation, Inc. Announces Pricing of Subordinated Notes Offering
WEST DES MOINES, Iowa, June 10, 2022 (GLOBE NEWSWIRE) -- West Bancorporation, Inc. (Nasdaq: WTBA; the “Company”), parent company of West Bank, announced today
About this update from West Bancorporation
[{"type":"text","content":"WEST DES MOINES, Iowa, June 10, 2022 (GLOBE NEWSWIRE) -- West Bancorporation, Inc. (Nasdaq: WTBA; the “Company”), parent company of West Bank, announced today the pricing of its offering of $60 million of 5.25% Fixed-to-Floating Rate Subordinated Notes due 2032 (the “Notes”). The Notes will initially bear interest at 5.25% per annum, with interest payable semi-annually in arrears, commencing on the issue date, to, but excluding, June 15, 2027. Commencing June 15, 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 Three-Month Term SOFR (which is defined in the Notes) plus 241 basis points, with interest payable quarterly in arrears. The Company may redeem the Notes, in whole or in part, on and after June 15, 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 June 15, 2032 if they are not earlier redeemed. The Company expects to close the transaction, subject to customary conditions, on or about June 14, 2022. The Company intends to use the net proceeds of the offering for general corporate purposes, including providing capital to support organic growth and for investing in West Bank as regulatory capital. The Notes are intended to qualify as Tier 2 capital for regulatory purposes. Piper Sandler & Co. is acting as the sole underwriter for the offering. This press release is neither an offer to sell nor a solicitation of an offer to purchase any securities of the Company. There will be no sale of securities in any jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. Any offer to sell or solicitation of an offer to purchase securities of the Company will be made only pursuant to a prospectus supplement and prospectus filed with the Securities and Exchange Commission (“SEC”). The Company has filed a registration statement (including a prospectus) (File No. 333-236740) and a preliminary prospectus supplement with the SEC for the offering to which this press release relates. Before making an investment decision, you should read the prospectus and preliminary prospectus supplement and other documents that the Company has filed with the SEC for addition...