Heartland Financial USA, Inc. Announces Pricing Underwritten Public Offering of $150,000,000 Aggregate Principal Amount of Its 2.75% Fixed-To-Floating Rate Subordinated Notes Due 2031
September 31, 2021 at 08:59 pm EDT
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Heartland Financial USA, Inc. announced that it has priced an underwritten public offering of $150,000,000 aggregate principal amount of its 2.75% Fixed-to-Floating Rate Subordinated Notes due 2031 (the “notes”). The offering is subject to customary closing conditions and is expected to close on or about September 8, 2021. Piper Sandler & Co. is acting as sole underwriter. HTLF expects to use the net proceeds from the sale of the notes for general corporate purposes, which may include, without limitation, providing capital to support its organic growth or growth through strategic acquisitions, financing investments, capital expenditures, investments in the subsidiary banks as regulatory capital, and repaying indebtedness. A portion of the proceeds may be used to retire higher interest rate senior debt, including $21.25 million principal amount of a note payable to an unaffiliated bank which matures on July 24, 2028 and which is currently accruing interest at 5.425% per annum. HTLF may also retire certain trust preferred securities where the rates and terms make it advantageous to do so.
Heartland Financial USA, Inc. is a bank holding company. The Company conducts its banking business through multiple independently branded divisions in the states of Arizona, California, Colorado, Illinois, Iowa, Kansas, Minnesota, Missouri, Montana, New Mexico, Texas, and Wisconsin. The principal business of its Banks consists of making loans to and accepting deposits. Its Banks provide a range of commercial, small business and consumer banking services to businesses, including public sector and non-profit entities, and to individuals. It provides multiple service delivery channels, including online banking, mobile/remote banking, and telephone banking. Its Banks provide a suite of banking products and services comprised of deposit and credit offerings, with treasury management, wealth management and retirement plan services. Its primary lines of business include commercial banking, small business banking, agricultural banking, residential real estate mortgage lending, and others.
Heartland Financial USA, Inc. Announces Pricing Underwritten Public Offering of $150,000,000 Aggregate Principal Amount of Its 2.75% Fixed-To-Floating Rate Subordinated Notes Due 2031
HEARTLAND FINANCIAL USA, INC. 
