By Wendy Van Sickle
Columbus, Ohio, July 28 – MidWestOne Financial Group, Inc. sold $65 million of fixed-to-floating rate 10-year subordinated notes to qualified institutional investors through a private placement, according to a news release on Tuesday.
The notes have an initial interest rate of 5.75% and become callable on July 30, 2025 starting on which date the coupon will reset quarterly at SOFR plus 568 basis points.
The lead placement agent was Piper Sandler & Co.
Proceeds will be used for general corporate purposes, including organic growth.
Based in Iowa City, Iowa, the issuer is a financial holding company and is the parent company of MidWestOne Bank.
| Issuer: | MidWestOne Financial Group, Inc.
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| Issue: | Fixed-to-floating rate subordinated notes
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| Amount: | $65 million
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| Maturity: | July 30, 2030
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| Lead placement agent: | Piper Sandler & Co.
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| Co-placement agents: | D.A. Davidson & Co. and Janney Montgomery Scott
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| Coupon: | 5.75% for first five years, then resets quarterly at SOFR plus 568 bps
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| Call option: | Callable after five years
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| Settlement date: | July 28
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| Distribution: | Private placement
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