Overview
The BFKN Financial Institutions Group served as legal counsel to Bridgewater Bancshares, Inc. (Nasdaq: BWB) (the Company), the parent company of Bridgewater Bank, in connection with its completion of a private placement of $80.0 million in aggregate principal amount of 7.625% fixed-to-floating rate subordinated notes due 2035 (the Notes). The Company intends to use the net proceeds of the offering to redeem $50.0 million of outstanding 5.25% fixed-to-floating rate subordinated notes due 2030 and for general corporate purposes.
The Notes will initially bear interest at a fixed annual rate of 7.625% until June 30, 2030, with interest payable semi-annually. Thereafter, the Notes will bear interest at a floating rate equal to the three-month term SOFR plus 388 basis points, payable quarterly until maturity. The Notes are redeemable by the Company, in whole or in part, on or after June 30, 2030, and at any time upon the occurrence of certain events.
BFKN’s legal team was led by Joseph T. Ceithaml, Co-Chair of the Financial Institutions Group, and associate Zoe Xiuha Uvin.
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