Bridgewater Bancshares issues $80M of 7.625% sub notes due 2035, to redeem $50M of 5.25% notes

Bridgewater Bancshares Inc

Issued $80M aggregate principal of 7.625% Fixed-to-Floating Rate Subordinated Notes due 2035 at par.
Interest fixed at 7.625% through June 2030, then resets quarterly to 3-month SOFR + 388 bps.
Proceeds to redeem $50M of outstanding 5.25% Subordinated Notes due 2030 plus general corporate purposes.
Notes qualify as Tier 2 capital; redeemable in whole or part on/after June 30, 2030.
Private placement under Rule 506(b); Piper Sandler lead placement agent.

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