By Cristal Cody
Eureka Springs, Ark., Dec. 12 – Old Second Bancorp, Inc. sold $45 million of 5.75% 10-year fixed-to-floating rate senior notes at par on Monday, according to an FWP filing with the Securities and Exchange Commission.
Beginning Dec. 31, 2021, the interest rate resets to Libor plus 385 basis points.
The notes (KBRA: BBB-) are due Dec. 31, 2026.
Keefe, Bruyette & Woods was the bookrunner.
Proceeds will be used to repay all outstanding senior secured term debt and subordinated debt. Any remaining proceeds will be used for general corporate purposes.
Old Second Bancorp is a bank holding company based in Aurora, Ill.
| Issuer: | Old Second Bancorp, Inc.
|
| Amount: | $45 million
|
| Description: | Fixed-to-floating-rate senior notes
|
| Maturity: | Dec. 31, 2026
|
| Bookrunner: | Keefe, Bruyette & Woods
|
| Coupon: | 5.75% initially; beginning Dec. 31, 2021, resets to Libor plus 385 bps
|
| Price: | Par
|
| Call feature: | Dec. 31, 2021 and any subsequent interest payment date at par
|
| Trade date: | Dec. 12
|
| Settlement date: | Dec. 15
|
| Rating: | KBRA: BBB-
|
| Distribution: | SEC registered
|
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