MidWestOne Financial Group, Inc. Announces Completion of $65.0 Million Subordinated Notes Offering

IOWA CITY, Iowa, July 28, 2020 (GLOBE NEWSWIRE) -- MidWestOne Financial Group, Inc. (Nasdaq – MOFG; the “Company”) announced today the issuance of $65 million aggregate principal amount of fixed-to-floating rate subordinated notes (the “Notes”) in a private placement transaction to certain qualified institutional buyers and institutional accredited investors. The Notes are intended to qualify as Tier 2 capital for regulatory purposes. The Company intends to use the net proceeds from the offering for general corporate purposes and to support its organic growth plans, including maintaining its regulatory capital ratios. The Notes have an initial fixed rate of 5.75% per annum, mature on July 30, 2030, and become callable at the Company’s option beginning on July 30, 2025 (“call date”), subject to certain exceptions. Starting on the call date, the interest rate will reset quarterly to an interest rate per annum equal to the then current three-month term SOFR (Secured Overnight Financing Rate) plus 568 basis points. Charles Funk, Chief Executive Officer of the Company, commented, “This successful capital raise is an affirmation of MidWestOne’s value proposition. This funding will allow us to continue capitalizing on opportunities on behalf of our customers, employees, communities, and shareholders. Through issuance of these To keep reading about MidWestOne Financial Group, Inc. Announces Completion of $65.0 Million Subordinated Notes Offering, Click on the link. Seoul, Korea
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