By Lisa Kerner
Charlotte, N.C., Feb. 17 – Nicolet Bankshares, Inc. issued $8 million of 10-year 5% subordinated notes to institutional investors in a private placement on Tuesday, according to an 8-K filed with the Securities and Exchange Commission.
Interest on the notes is payable on March 31, June 30, Sept. 30 and Dec. 1 each year beginning on March 31.
The notes are not convertible into common stock or preferred stock.
Nicolet may prepay the notes, in whole or in part, without premium or penalty, at any time on or after Feb. 17, 2020, or earlier in limited circumstances involving certain regulatory or tax events, and prior to the maturity date, plus all accrued interest.
The notes are intended to qualify as tier 2 capital for regulatory purposes.
Proceeds will be used for general corporate purposes, including the redemption of preferred stock, repurchases of common stock and expansion of the company’s franchise through acquisition, the filing said.
Nicolet Bankshares operates as the bank holding company for Nicolet National Bank based in Green Bay, Wisc.
| Issuer: | Nicolet Bankshares, Inc.
|
| Issue: | Subordinated notes
|
| Amount: | $8 million
|
| Coupon: | 5%
|
| Maturity: | Feb. 17, 2025
|
| Distribution: | Private placement
|
| Settlement: | Feb. 17
|
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