By Wendy Van Sickle
Columbus, Ohio, Feb. 12 – QCR Holdings, Inc. issued $65 million of 5.375% fixed-to-floating rate subordinated notes due Feb. 15, 2029, according to a press release.
Interest is fixed at 5.375% for the first five years. On Feb. 14, 2024, the interest rate will reset quarterly to Libor plus 282 basis points.
Keefe, Bruyette & Woods was the bookrunning manager.
The company plans to use the proceeds to repay senior debt and for general corporate purposes, including opportunistic acquisitions and other strategic opportunities.
QCR is a bank holding company based in Moline, Ill.
| Issuer: | QCR Holdings, Inc.
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| Description: | Fixed-to-floating rate subordinated notes
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| Amount: | $65 million
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| Maturity: | Feb. 15, 2029
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| Bookrunner: | Keefe, Bruyette & Woods
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| Coupon: | 5.375% for five years, then Libor plus 282 bps
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| Announcement date: | Feb. 12
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