Bankwell issues $35M subordinated notes at 3.25% fixed; redeems $15.5M 5.75% notes

Bankwell Financial Group, Inc.

Issued $35M 3.25% fixed-to-floating subordinated notes due 2031; interest fixed at 3.25% for first 5 years then SOFR+233bps.
Proceeds used for general corporate purposes including redemption of $15.5M of 5.75% subordinated notes due 2025.
Redeemed the $15.5M 5.75% notes on Nov 15, 2021 at par plus accrued interest.
Notes are unsecured subordinated obligations structured to qualify as Tier 2 capital.
Sold via private placement to an institutional accredited investor; not registered under Securities Act.

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