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Midwest BankCentre Inc. completes $30M notes offering

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Midwest BankCentre Inc. completes $30M notes offering

SaintLouis-based Midwest BankCentreInc. completed a private placement of $30.0 million in aggregateprincipal amount of fixed-to-floating rate subordinated notes.

Unless redeemedearlier, the notes mature Sept. 30, 2025, and bear interest at a fixed rate of5.50% per year, from and including Sept. 17, 2015, to but excluding Sept. 30,2020. From and including Sept. 30, 2020, to the maturity date or earlyredemption date, the interest rate will reset every quarter to an interest rateper annum equal to the then current three-month LIBOR rate plus 393 basispoints, payable quarterly.

Netproceeds will go to the repayment of an outstanding term loan of $10.0 millionand general corporate purposes.

The notesqualify as Tier 2 capital.

SandlerO'Neill & Partners LP served as lead placement agent in the offering, arelease by the broker/dealer stated.U.S. Bancorp Investments Inc. was also listed as receiving sales compensationin a Form D filed Sept. 25.

Alsoaccording to the Form D, 12 investors participated in the offering.