By James McCandless
San Antonio, Dec. 22 – Peapack-Gladstone Financial Corp. priced a $100 million offering of fixed-to-floating rate subordinated notes due 2030 with an initial coupon of 3.5% (Baa3), according to a press release.
The notes qualify as tier 2 capital.
Piper Sandler & Co. and Keefe, Bruyette & Woods are the bookrunners.
The coupon is fixed for five years, then converts to a floating rate of three-month SOFR plus 326 basis points.
The company plans to use the proceeds for general corporate purposes, which may include the potential redemption of existing subordinated debentures, acquisitions of wealth management firms and stock repurchases, subject to any applicable regulatory clearances.
Peapack-Gladstone is a Bedminster, N.J.-based bank holding company.
| Issuer: | Peapack-Gladstone Financial Corp.
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| Description: | Fixed-to-floating rate subordinated notes
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| Amount: | $100 million
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| Maturity: | 2030
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| Bookrunners: | Piper Sandler & Co. and Keefe, Bruyette & Woods
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| Dividend: | 3.5% for five years, then converts to a floating rate of three-month SOFR plus 326 bps
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| Pricing date: | Dec. 22
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| Rating: | Moody’s: Baa3
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| Distribution: | SEC registered
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