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Peapack-Gladstone completes sub debt issuance

Bedminster, N.J.-based Peapack-Gladstone Financial Corp. closed its issuance of $35 million in fixed-to-floating rate subordinated notes.

The company expects net proceeds of $34.1 million, which it will use for general corporate purposes, including investment in Peapack-Gladstone Bank as regulatory capital to fund growth and potential strategic acquisitions.

The notes mature Dec. 15, 2027. They will bear a fixed interest rate of 4.75% per year until Dec. 15, 2022. Commencing on that date, the interest rate will reset on a quarterly basis to the three-month London Interbank Offered Rate plus a spread of 254 basis points, payable quarterly in arrears.

Sandler O'Neill & Partners LP was sole book-running manager and Keefe Bruyette & Woods was co-manager.