Byline Bancorp Announces Pricing of Offering of Additional Subordinated Notes

Jul 31, 2020

Byline Bancorp, Inc. (“Byline”) (NYSE: BY), the parent company of Byline Bank (the “Bank”), today announced the pricing of the public offering of an additional $25.0 million aggregate principal amount of its 6.000% Fixed-to-Floating Rate Notes due 2030 (the “Notes”). The Notes are an addition to, and fully fungible with, and will rank equally in right of payment with and form a single series with the $50.0 million aggregate principal amount of the 6.000% Fixed-to-Floating Rate Notes due 2030 that Byline issued on June 26, 2020. The Notes will be issued to the public at 100.617% of par. Interest on the Notes will accrue at a rate equal to (i) 6.000% per annum from the original issue date of June 26, 2020, to, but excluding, July 1, 2025 or the date of earlier redemption, payable semi-annually in arrears, and (ii) a floating rate per annum equal to a benchmark rate, which is expected to be Three-Month Term SOFR (as defined in the Notes), plus a spread of 588 basis points from and including July 1, 2025, to, but excluding, the maturity date or the date of earlier redemption, payable quarterly in arrears. The Notes are intended to qualify as Tier 2 capital for regulatory purposes. The offering is expected to close on August 3, 2020, subject to customary closing conditions.

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