New Issue: Peapack-Gladstone sells $35 million 4.75% fixed-to-floating notes due 2027 at par

By Cristal Cody

Tupelo, Miss., Dec. 5 – Peapack-Gladstone Financial Corp. priced $35 million of 4.75% 10-year fixed-to-floating rate subordinated notes on Tuesday at par, according to an FWP filed with the Securities and Exchange Commission.

The rate resets from and including Dec. 15, 2022 to a rate equal to the then current three-month Libor, provided that if the Libor is less than zero, then the rate shall be zero plus 254 basis points.

Sandler O’Neill + Partners, LP was the bookrunner.

Proceeds will be used for general corporate purposes.

Peapack-Gladstone Financial is the holding company for Peapack-Gladstone Bank, which is based in Bedminster, N.J.

Issuer:	Peapack-Gladstone Financial Corp.
Amount:	$35 million
Description:	Fixed-to-floating rate subordinated notes
Maturity:	Dec. 15, 2027
Bookrunner:	Sandler O’Neill + Partners, LP
Co-manager:	Keefe, Bruyette & Woods
Coupon:	4.75%, resets from and including Dec. 15, 2022 to rate equal to then current three-month Libor, provided that if Libor is less than zero, then the rate shall be zero plus 254 bps
Price:	Par
Yield:	4.75%
Call features:	On any interest payment date beginning Dec. 15, 2022 at par
Trade date:	Dec. 5
Settlement date:	Dec. 12
Rating:	Kroll: BBB-
Distribution:	SEC registered

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.