By Lisa Kerner
Charlotte, N.C., July 31 – Great Western Bancorp, Inc. privately placed $35 million of 4.875% fixed-to-floating-rate subordinated notes due Aug. 15, 2025.
Interest is payable semiannually until Aug. 15, 2020. From and including Aug. 15, 2020, interest will be payable at a rate equal to Libor plus 315 basis points, resetting quarterly, according to a news release.
The notes will be callable at par quarterly on or after Aug. 15, 2020.
Proceeds will be used to repay existing subordinated debt.
Sandler O’Neill & Partners, LP acted as placement agent.
Based in Sioux Falls, S.D., Great Western Bancorp is the holding company of Great Western Bank.
| Issuer: | Great Western Bancorp, Inc.
|
| Issue: | Fixed-to-floating-rate subordinated notes
|
| Amount: | $35 million
|
| Coupon: | 4.875% until Aug. 15, 2020, then Libor plus 315 bps
|
| Maturity: | Aug. 15, 2025
|
| Distribution: | Private placement
|
| Agent: | Sandler O’Neill & Partners, LP
|
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