trending Market Intelligence /marketintelligence/en/news-insights/trending/t1ZK9-Xi9r0oWWlwlGPHcg2 content
Log in to other products

Login to Market Intelligence Platform

 /


Looking for more?

Contact Us

Request a Demo

You're one step closer to unlocking our suite of comprehensive and robust tools.

Fill out the form so we can connect you to the right person.

If your company has a current subscription with S&P Global Market Intelligence, you can register as a new user for access to the platform(s) covered by your license at Market Intelligence platform or S&P Capital IQ.

  • First Name*
  • Last Name*
  • Business Email *
  • Phone *
  • Company Name *
  • City *
  • We generated a verification code for you

  • Enter verification Code here*

* Required

In This List

First Business Financial Services issues subordinated notes due 2029

Street Talk Episode 56 - Latest bank MOE shows even the strong need scale to thrive

South State CenterState MOE Shows Even The Strong Need Scale To Thrive

Talking Bank Stocks, Playing The M&A Trade With Longtime Investor

Report: Kashkari Says Fed In Holding Pattern But Rate Cut Still Possible


First Business Financial Services issues subordinated notes due 2029

First Business Financial Services Inc. issued an aggregate principal amount of $15 million of subordinated notes to three qualified institutional buyers in a private placement.

Keefe Bruyette & Woods Inc. acted as placement agent in connection with the transaction.

The securities will bear interest at a fixed rate of 5.50% per annum, computed on the basis of a 360-day year consisting of 12 30-day months. Interest will be paid semiannually in arrears on Feb. 15 and Aug. 15 of each year up to, but not including, Aug. 15, 2024.

From and including Aug. 15, 2024, to the notes' maturity date of Aug. 15, 2029, the interest rate will reset quarterly, equal to the floating interest rate of the applicable interest period plus 407 basis points, computed on the basis of a 360-day year and the actual number of days elapsed. Interest will be paid quarterly in arrears on Feb. 15, May 15, Aug. 15 and Nov. 15 of each year.

The company has the option to redeem the notes beginning with the interest payment date of Aug. 15, 2024, and on any interest payment date thereafter. Notes will be redeemed at a price equal to 100% of their principal amount plus accrued and unpaid interest to, but excluding, the date of redemption. Any partial redemption will be made pro rata among all of the holders.

The notes are not subject to redemption at the option of the holders.

First Business Financial Services intends to use the net proceeds from the private placement to fund the redemption of its outstanding 6.50% fixed-to-floating rate subordinated notes due Sept. 1, 2024, which have an aggregate principal amount of $15 million.