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.
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