Bridgewater Bancshares, Inc., the parent company of Bridgewater Bank, has announced the completion of a private placement of $80.0 million in 7.625% Fixed-to-Floating Rate Subordinated Notes due 2035. The company plans to use the net proceeds to redeem $50.0 million of existing 5.25% Fixed-to-Floating Rate Subordinated Notes due 2030 and for general corporate purposes. Piper Sandler & Co. acted as the lead placement agent, with D.A. Davidson & Co. and Hovde Group, LLC as co-placement agents. The Notes will initially bear interest at an annual rate of 7.625% and will transition to a floating rate after June 30, 2030. The Notes qualify as Tier 2 capital for regulatory purposes.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.