Bankwell issues $35M of 6.0% subordinated notes due 2032 for Tier 2 capital

Bankwell Financial Group, Inc.

Issued $35.0 million aggregate principal amount of 6.0% fixed-to-floating rate subordinated notes due September 1, 2032.
Notes bear fixed rate of 6.0% for first five years, then float at three-month Term SOFR + 326 bps through maturity.
Qualify as Tier 2 capital for regulatory purposes; unsecured, subordinated, and not guaranteed by any subsidiary.
Proceeds used for general corporate purposes; notes not convertible or subject to sinking fund.
Company may redeem notes at 100% of principal plus accrued interest on or after fifth anniversary or earlier in limited circumstances.

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