June 1, 2019 — First Busey Corporation (NASDAQ: BUSE), the holding company for Busey Bank, has completed a $125 million subordinated debt offering due in 2030.
The price for the fixed-to-floating rate notes was 100% of the principal. Interest will accrue at 5.25% per annum payable semiannually in arrears. The floating rate is expected to be the Three-Month Term SOFR, plus a spread of 511 basis points, payable quarterly in arrears.
The notes qualify as Tier 2 capital for regulatory purposes. Illinois-based First Busey Corporation intends to use the proceeds for general corporate purposes.
The team from Janney’s Financial Institutions Group included Greg Gersack, Head of Equity Capital Markets; Matthew Veneri, Head of Investment Banking; Lozan Aleksandrov, Managing Director; and Jason Werner, Director.
First Busey Corporation’s press release is available here.
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