ConnectOne Bancorp, Inc. has announced the successful issuance and sale of $200,000,000 in 8.125% Fixed-to-Floating Rate Subordinated Notes due 2035. The offering closed on May 20, 2025. These notes were issued at an annual interest rate of 8.125% from the initial issuance date until June 1, 2030, with interest payable semi-annually. From June 1, 2030, the interest rate will reset quarterly based on a benchmark rate, expected to be the Three-Month Term SOFR, plus 441.5 basis points, with payments due quarterly. The net proceeds of approximately $196,500,000 will be used for various corporate purposes, including redeeming existing notes, contributing capital to ConnectOne Bank, and supporting company growth.
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