HBT Financial, Inc. Announces Issuance of $40 Million in Subordinated Notes
September 03 2020 - 4:05PM
HBT Financial, Inc. (NASDAQ: HBT) (the “Company” or “HBT
Financial”), the holding company for Heartland Bank and Trust
Company and State Bank of Lincoln, announced today the sale and
issuance of $40 million in aggregate principal amount of
fixed-to-floating rate subordinated notes due 2030 (the "Notes") to
certain qualified institutional buyers and institutional accredited
investors in a private placement transaction. The Company intends
to use the net proceeds from the offering for general corporate
purposes.
The Notes will bear interest at an initial fixed
rate of 4.50% for five years and will reset quarterly thereafter to
the then current three-month SOFR plus 437 basis points. The
Company may redeem the Notes, in whole or in part, at its option,
on or after September 15, 2025, or prior to such date under
certain limited circumstances. The Notes are intended to qualify as
Tier 2 capital of the Company for regulatory purposes.
Piper Sandler & Co. acted as sole placement
agent. Barack Ferrazzano Kirschbaum & Nagelberg LLP served as
legal counsel to the placement agent and Kirkland & Ellis LLP
served as legal counsel to the Company.
About HBT Financial, Inc.
HBT Financial, Inc. is headquartered in
Bloomington, Illinois and is the holding company for Heartland Bank
and Trust Company and State Bank of Lincoln. The banks provide a
comprehensive suite of business, commercial, wealth management, and
retail banking products and services to individuals, businesses and
municipal entities throughout Central and Northeastern Illinois
through 63 branches. As of June 30, 2020, HBT had total assets
of $3.5 billion, total loans of $2.3 billion, and total deposits of
$3.0 billion. HBT is a longstanding Central Illinois company, with
banking roots that can be traced back 100 years.
CONTACT:
Matthew KeatingHBTIR@hbtbank.com(310)
622-8230
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