ConnectOne Bancorp issues $200M subordinated notes at 8.125%, due 2035

ConnectOne Bancorp, Inc.

Issued $200M of 8.125% Fixed-to-Floating Rate Subordinated Notes due 2035; net proceeds ~$196.5M.
Proceeds to redeem $75M of outstanding 5.75% notes due 2030 and contribute $100M to ConnectOne Bank as regulatory capital.
Interest fixed at 8.125% until June 2030, then resets quarterly to 3-month SOFR + 441.5 bps.
Notes are unsecured, subordinated obligations ranking junior to senior debt and structurally subordinated to bank liabilities.

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