Co-Manager
ConnectOne Bancorp, Inc.
Debt Capital Markets
Subordinated Notes
Transaction Details
- On June 15, 2020, ConnectOne Bancorp, Inc. (Nasdaq: CNOB) (the “Company”), the holding company for ConnectOne Bank, executed its $75.0 million public offering of Fixed-to-Floating Rate Subordinated Notes (the “Notes”) due 2030
- The Notes bear a fixed rate of 5.75% for the first 5 years and a floating rate equal to the benchmark rate (which is expected to be 3-month SOFR) plus 560.5 basis points thereafter, until the Notes mature on June 15, 2030
- The Company will have the option to redeem the Notes on or after June 15, 2025
- The notes are intended to qualify as Tier 2 capital for regulatory purposes
- The Company anticipates using a portion of the net proceeds to redeem its outstanding subordinated notes due July 1, 2025 within a year, and the remainder for general corporate purposes
- Kroll Bond Rating Agency rated the Notes BBB-
About the company
ConnectOne Bancorp, Inc., through its subsidiary, ConnectOne Bank, offers a full suite of both commercial and consumer banking and lending products and services through its banking offices located across New York and New Jersey. ConnectOne Bancorp, Inc. is traded on the Nasdaq Global Market under the trading symbol "CNOB“.
Sources: Company filings and press release.
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The offering of these securities is being made only by means of a prospectus, copies of which may be obtained from Stephens Inc.’s Fixed Income Syndicate Desk, at Stephens Inc., 111 Center Street, Little Rock, AR 72201, ATTN: Fixed Income Syndicate Desk, or from the Securities and Exchange Commission’s website at www.sec.gov at the following https://www.sec.gov/Archives/edgar/data/712771/000120677420001823/connect3770911-424b5.htm. A registration statement relating to these securities has been filed with the Securities and Exchange Commission. No offer to buy the securities can be accepted and no part of the purchase price can be received until the registration statement has become effective, and any such offer may be withdrawn or revoked, without obligation or commitment of any kind, at any time prior to the notice of its acceptance given after the effective date.
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