By Sarah Lizee
Olympia, Wash., Sept. 14 – QCR Holdings, Inc. completed a private placement of $50 million of 5.125% fixed-to-floating rate subordinated notes due Sept. 15, 2030 on Monday, according to an 8-K filing with the Securities and Exchange Commission.
The notes were issued to Modern Woodmen of America at par.
Interest will be 5.125% until Sept. 15, 2025, when it will change to SOFR plus 500 basis points.
The company may redeem the notes in whole or in part after five years on any interest payment date at par plus accrued interest.
Proceeds will be used to support organic growth and for general corporate purposes.
QCR is a bank holding company based in Moline, Ill.
| Issuer: | QCR Holdings, Inc.
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| Issue: | Fixed-to-floating rate subordinated notes
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| Amount: | $50 million
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| Maturity: | Sept. 15, 2030
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| Purchaser: | Modern Woodmen of America
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| Coupon: | 5.125% for five years, then at SOFR plus 500 bps
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| Price: | Par
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| Call: | At par on any coupon payment date after five years
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| Settlement date: | Sept. 14
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| Distribution: | Private placement
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