CHAMPAIGN, Ill., May 25, 2022 (GLOBE NEWSWIRE) -- First Busey Corporation (NASDAQ: BUSE) (the “Company”), the holding company for Busey Bank (the “Bank”), today announced the pricing of its public offering of $100.0 million aggregate principal amount of 5.000% Fixed-to-Floating Rate Subordinated Notes due 2032 (the “Notes”). The price to the public for the Notes was 100% of the principal amount of the Notes. Interest on the Notes will accrue at a rate equal to (i) 5.000% per annum from the original issue date to, but excluding, June 15, 2027, payable semiannually in arrears, and (ii) a floating rate per annum equal to a benchmark rate, which is expected to be Three-Month Term SOFR (as defined in the Notes), plus a spread of 252 basis points from and including, June 15, 2027, payable quarterly in arrears. The Notes are intended to qualify as Tier 2 capital for regulatory purposes. This offering is expected to close on June 2, 2022, subject to the satisfaction of customary closing conditions.
Read more at globenewswire.comFirst Busey Corporation Announces Pricing of Subordinated Notes Offering
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