Contact Information: CONTACT Cynthia Lance (Media) EVP and Corporate Secretary First Midwest Bancorp, Inc. (630) 875-7345 James Hotchkiss (Investors) EVP and Treasurer First Midwest Bank (630) 875-7244 www.firstmidwest.com
First Midwest Bancorp, Inc. Announces Results of Subordinated Debt Exchange Offer and Separate Capital Securities Exchange Offer
| Source: First Midwest Bancorp, Inc.
ITASCA, IL--(Marketwire - September 25, 2009) - First Midwest Bancorp, Inc. ("First Midwest" or
the "Company") (NASDAQ : FMBI ) announced today the results of its previously
announced offer to exchange the Company's 5.85% Subordinated Notes due 2016
(the "Notes") for newly issued shares of common stock of the Company (the
"Notes Exchange Offer") and its separate previously announced offer to
exchange the 6.95% Capital Securities (the "Capital Securities") issued by
First Midwest Capital Trust I for newly issued shares of common stock of
the Company (the "Capital Securities Exchange Offer" and, together with the
Notes Exchange Offer, the "Exchange Offers").
As of 11:59 p.m., New York City time, on September 24, 2009, the expiration
date for both Exchange Offers, approximately $29.5 million in aggregate
principal amount of the Notes, representing approximately 29.5% of the $100
million aggregate principal amount of Notes outstanding prior to the Notes
Exchange Offer, had been validly tendered and not withdrawn in the Notes
Exchange Offer and approximately $39.3 million in aggregate liquidation
amount of the Capital Securities, representing approximately 31.4% of the
$125 million aggregate liquidation amount of Capital Securities outstanding
prior to the Capital Securities Exchange Offer, had been validly tendered
and not withdrawn in the Capital Securities Exchange Offer. First Midwest
has accepted for exchange all Notes and Capital Securities validly tendered
and not validly withdrawn in the Exchange Offers. The Company expects that
settlement of the Exchange Offers will occur on September 29, 2009.
In the aggregate, the Exchange Offers will result in the retirement of
approximately $68.8 million of Company indebtedness, the issuance of
approximately 5.6 million shares of the Company's common stock and the
recognition by the Company of approximately $7 million in after tax gains.
About First Midwest Bancorp, Inc.
First Midwest is the premier relationship-based banking franchise in the
growing Chicagoland banking market. As one of the Chicago metropolitan
area's largest independent bank holding companies, First Midwest provides
the full range of both business and retail banking and trust and investment
management services through some 100 offices located in 62 communities,
primarily in metropolitan Chicago.