First Midwest Bancorp Inc. in Itasca, Ill., has completed the sale of $115 million in senior notes and will use the proceeds to exit the Troubled Asset Relief Program.
The $8.4 billion-asset company said that the proceeds from the offering along with cash on hand will allow it to redeem $193 million in preferred stock issued in December 2008 to the Treasury Department. First Midwest said last month that after the redemption of the preferred stock, it will enter negotiations to repurchase a warrant held by the Treasury for 1.3 million shares of common stock.
The company's 5.875% senior notes are due in 2016. Goldman Sachs & Co. was the underwriter for the offering.
