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Stock impact report

Peapack-Gladstone Financial Corporation Announces the Pricing of Its $35 Million Subordinated Debt Offering

Peapack-Gladstone Financial Corporation (PGC) 
Last peapack-gladstone financial corporation earnings: 1/29 09:00 am Check Earnings Report
US:NASDAQ Investor Relations: snl.com/irw/corporateprofile/1137117
Company Research Source: GlobeNewswire
Bedminster, NJ, Dec. 06, 2017 (GLOBE NEWSWIRE) -- Peapack-Gladstone Financial Corporation (Nasdaq Global Select Market: PGC) (the “Company”), the parent holding company of Peapack-Gladstone Bank (the “Bank”), announced that yesterday it priced an underwritten public offering of $35 million aggregate principal amount of its Fixed-to-Floating Subordinated Notes due December 15, 2027 (the “Notes”). The Notes will initially bear a fixed interest rate of 4.75% per year. Commencing on December 15, 2022, the interest rate on the Notes will reset on a quarterly basis to the three-month LIBOR rate plus a spread of 254 basis points, payable quarterly in arrears. The offering is expected to fund on December 12, 2017, subject to the satisfaction of customary closing conditions. The Company plans to use the net proceeds from the sale of the Notes for general corporate purposes, including investment in the Bank as regulatory capital to fund future growth and potential strategic acquisitions. Sa Show less Read more
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