Joint Placement Agent
Equity Bancshares, Inc.
Debt Capital Markets
Subordinated Notes
Transaction Details
- On June 30, 2020, Equity Bancshares, Inc. (NASDAQ: EQBK), the holding company of Equity Bank, announced the issuance of $42 million of Fixed-to-Floating Rate Subordinated Notes due 2030 (the “Notes”)
- The Notes bear a fixed rate of 7.00% for the first 5 years and a floating rate of 3-month SOFR plus 688 basis points thereafter, until the Notes mature on June 30, 2030
- Net proceeds are expected to be used for general corporate purposes, including repayment of senior debt, and for opportunistic growth
- The Notes are intended to qualify as Tier 2 capital for regulatory capital purposes
- The Egan-Jones Ratings Company assigned a rating of BBB to the Notes
About the company
Equity Bancshares, Inc. is the holding company for Equity Bank, offering a full range of financial solutions, including commercial loans, consumer banking, mortgage loans, trust and wealth management services and treasury management services, while delivering the high-quality, relationship-based customer service of a community bank. Equity’s common stock is traded on the NASDAQ Global Select Market under the symbol “EQBK.” Learn more at www.equitybank.com.
Sources: Company filings and press release.
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