By Wendy Van Sickle
Columbus, Ohio, May 15 – Heartland BancCorp completed a private placement of $25 million fixed-to-floating rate subordinated notes due 2030 to accredited investors.
The notes will bear annual interest at 5% to, but excluding, June 15, 2025 and then will reset quarterly at SOFR plus 490 basis points.
The notes will be callable after five years, according to a news release.
The issuance included the exchange of $5.4 million of the company’s subordinated promissory notes due 2025.
Proceeds will be used for general corporate purposes.
Heartland is a Gahanna, Ohio-based bank holding company.
Issuer: | Heartland BancCorp
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Issue: | Fixed-to-floating rate subordinated notes
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Amount: | $25 million
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Maturity: | 2030
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Interest rate: | 5% for first five years, then resets quarterly at SOFR plus 490 bps
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Call option: | Non-callable for five years
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Distribution: | Private placement
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