By Lisa Kerner
Charlotte, N.C., May 1 – Nicolet Bankshares, Inc. issued $2 million of 10-year 5% subordinated notes to an institutional investor in a private placement on April 28, 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 June 30.
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 April 28, 2020, or earlier in limited circumstances involving certain regulatory or tax events, and prior to the maturity date, plus all accrued interest.
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.
The company said the terms of the notes are generally comparable to the notes previously issued on Feb. 17 and raise the total principal amount of subordinated notes outstanding to $10 million.
The notes are intended to qualify as tier 2 capital for regulatory purposes.
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: | $2 million
|
| Coupon: | 5%, payable quarterly
|
| Maturity: | April 28, 2025
|
| Call option: | Beginning April 28, 2020
|
| Settlement date: | April 28
|
| Distribution: | Private placement
|
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