First Busey Corporation | Stephens

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Joint Bookrunner

First Busey Corporation

$125 Million 06/01/2020 Depository Complete
Public Companies
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Transaction Details

  • On June 1, 2020, First Busey Corporation (Nasdaq: BUSE) (the “Company”), the holding company for Busey Bank, executed its $125.0 million public offering of Fixed-to-Floating Rate Subordinated Notes (the “Notes”) due 2030
  • The Notes bear a fixed rate of 5.25% for the first 5 years and a floating rate equal to the benchmark rate (which is expected to be 3-month SOFR) plus 511 basis points thereafter, until the Notes mature on June 1, 2030
  • The Company will have the option to redeem the Notes on or after June 1, 2025
  • Net proceeds are expected to be used for general corporate purposes
  • Kroll Bond Rating Agency rated the Notes BBB

About the company

As of March 31, 2020, First Busey Corporation (Nasdaq: BUSE) was a $9.72 billion financial holding company headquartered in Champaign, Illinois. Busey Bank, the wholly-owned bank subsidiary of First Busey Corporation, had total assets of $9.70 billion as of March 31, 2020 and is headquartered in Champaign, Illinois, with 61 banking centers serving Illinois, 13 banking centers serving Missouri, five banking centers serving southwest Florida and a banking center in Indianapolis, Indiana. Through the Busey Wealth Management division, the Company provides asset management, investment and fiduciary services to individuals, businesses and foundations. As of March 31, 2020, assets under care were approximately $8.93 billion. Busey Bank owns a retail payment processing subsidiary, FirsTech, Inc., which processes approximately 28 million transactions per year using online bill payment, lockbox processing and walk-in payments at its 4,000 agent locations in 43 states.

Sources: Company filings and press release.
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