trending Market Intelligence /marketintelligence/en/news-insights/trending/uDTezAQ7LnNtn4ulrmzj-A2 content esgSubNav
In This List

Peapack-Gladstone prices $35M subordinated notes offering

Blog

Banks’ Response to Rising Rates & Liquidity Concerns

Blog

Navigating Basel IV: Guidance and insight into complying with the new reforms for banks

Blog

Banking Essentials Newsletter: 23rd August edition

Blog

Banking Essentials Newsletter: 9th August Edition


Peapack-Gladstone prices $35M subordinated notes offering

Bedminster, N.J.-based Peapack-Gladstone Financial Corp. priced the underwritten public offering of $35 million of its fixed-to-floating subordinated notes due Dec. 15, 2027.

The notes will initially have a fixed annual interest rate of 4.75%. Beginning Dec. 15, 2022, however, the interest rate will be on a quarterly basis to the three-month London Interbank Offered Rate plus a spread of 254 basis points, payable quarterly in arrears.

The offering is expected to fund on Dec. 12.

The company intends to use the net proceeds from the offering for general corporate purposes, including investment in its unit, Peapack-Gladstone Bank, as regulatory capital for future growth and potential strategic acquisitions.

Sandler O'Neill & Partners LP is the sole book-running manager for the offering, while Keefe Bruyette & Woods is the co-manager.