By Lisa Kerner
Charlotte, N.C., June 29 – Nicolet Bankshares, Inc. agreed to place a $2 million 5% subordinated note due 2025 with an accredited institutional investor on Monday.
The terms of the note are generally comparable to the notes issued on Feb. 17 and raise the total principal amount of subordinated notes outstanding to $12 million, according to an 8-K filing with the Securities and Exchange Commission.
Nicolet may prepay the note, in whole or in part, without premium or penalty, at any time on or after June 29, 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, which may include the redemption of preferred stock, repurchases of common stock and expansion of the company’s franchise through acquisition, the filing stated.
The note is intended to qualify as tier 2 capital for regulatory purposes and is not convertible into common stock or preferred stock.
Nicolet Bankshares operates as the bank holding company for Nicolet National Bank based in Green Bay, Wisc.
| Issuer: | Nicolet Bankshares, Inc.
|
| Issue: | Subordinated note
|
| Amount: | $2 million
|
| Coupon: | 5%, payable quarterly
|
| Maturity: | June 29, 2025
|
| Call option: | Beginning June 29, 2020
|
| Settlement date: | June 29
|
| Distribution: | Private placement
|
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