First Busey Corporation announced the pricing of an underwritten public offering of 8,000,000 depositary shares on May 14, 2025. Each depositary share represents a 1/40th ownership interest in a share of its 8.25% Fixed Rate Series B Non-Cumulative Perpetual Preferred Stock.
The preferred stock has a liquidation preference of $1,000 per share, equivalent to $25.00 per depositary share. Dividends, if declared, will be payable quarterly at an annual rate of 8.25%, commencing on September 1, 2025.
Net proceeds from the offering are intended to be used to redeem Busey’s 5.25% Fixed-to-Floating Rate Subordinated Notes due 2030. The remaining proceeds will be allocated for general corporate purposes, including supporting the balance sheet growth of Busey Bank.
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