Canopy Growth stock tumbles after announcing $200 million share sale plan
CHICAGO - Byline Bancorp, Inc. (NYSE:BY), a $1.17 billion market cap financial institution with a solid InvestingPro Financial Health score of "GOOD," announced today it has completed a private placement of $75 million in 6.875% Fixed-to-Floating Rate Subordinated Notes due 2035. The company plans to use the proceeds to redeem its outstanding $75 million of 6.00% Fixed-to-Floating Rate Subordinated Notes due 2030.
The newly issued notes will carry a fixed interest rate of 6.875% until August 15, 2030, with semi-annual interest payments. After that date, the rate will convert to a floating rate calculated as the three-month term Secured Overnight Financing Rate plus 322 basis points, with quarterly interest payments. The company maintains an attractive P/E ratio of 9.43 and offers a dividend yield of 1.56%.
According to the company’s statement, the notes are structured to qualify as Tier 2 capital for regulatory purposes and include redemption options after August 15, 2030, or upon certain specified events.
Piper Sandler & Co. served as the sole placement agent for the offering, with Vedder Price P.C. acting as Byline’s legal advisor.
The notes have not been registered under the Securities Act of 1933 and cannot be offered or sold in the United States without registration or an applicable exemption from registration requirements.
Byline Bancorp is the parent company of Byline Bank, which serves small and medium-sized businesses, financial sponsors, and consumers. The bank reported approximately $9.7 billion in assets as of June 30, 2025, and operates 45 branch locations throughout the Chicago and Milwaukee metropolitan areas. With revenue growth of 2.48% and strong returns over the past five years, the company shows promising performance metrics. For detailed analysis and additional insights, access the comprehensive Pro Research Report available on InvestingPro, which covers over 1,400 US stocks with expert analysis and actionable intelligence.
This information is based on a press release issued by the company.
In other recent news, Byline Bancorp Inc. reported earnings for the second quarter of 2025 that exceeded analyst expectations. The company achieved an earnings per share (EPS) of $0.75, which was 11.94% higher than the forecasted $0.67. Revenue for the quarter also surpassed projections, reaching $110.5 million compared to the anticipated $107 million, a 3.22% increase. These results highlight the company’s strong financial performance in the recent period. The earnings and revenue figures are crucial for investors as they reflect the company’s ability to generate profits and grow its business. Despite the positive earnings report, there was only a slight movement in the stock price, which is not uncommon. Analysts often look at such results to adjust their future expectations and recommendations. These developments are part of the recent updates concerning Byline Bancorp.
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