Bankwell Financial Group in New Canaan, Conn., has issued $25.5 million in subordinated debt and it plans to exit the Small Business Lending Fund program.
The $1.2 billion-asset company in August 2011 issued $10.9 million of senior noncumulative perpetual preferred stock to the Treasury as part of the SBLF program. In addition to exiting SBLF, Bankwell plans to use the proceeds from the subordinated debt issuance for general corporate purposes.
The notes yield 5.75% at a quarterly fixed rate and are noncallable for five years with a maturity date of August 2025.
Keefe, Bruyette & Woods was financial adviser to Bankwell. Hinckley, Allen & Snyder was legal counsel.