Heartland Financial USA, Inc. Announces Closing of $115 Million Offering of Depositary Shares

DUBUQUE, Iowa, June 26, 2020 (GLOBE NEWSWIRE) -- Heartland Financial USA, Inc. (NASDAQ: HTLF) (“Heartland”) today announced the closing of its previously announced offering (the “Offering”) of 4,600,000 depositary shares (the “depositary shares”), each representing a 1/400th interest in a share of 7.00% Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series E, with a liquidation preference of $25 per depositary share (equivalent to $10,000 per share of Series E Preferred Stock), including 600,000 depositary shares issued upon the exercise in full by the underwriters of their over-allotment option.

Heartland has applied to list the depositary shares on The Nasdaq Global Select Market under the symbol “HTLFP”. Trading of the depositary shares on Nasdaq is expected to begin within 30 days after the closing date.

The total net proceeds to Heartland are approximately $110,827,500, including proceeds of the exercise of the over-allotment option for 600,000 depositary shares, after deducting the underwriting discounts and commissions and estimated offering expenses payable by Heartland. Heartland expects to use the net proceeds from the sale of the depositary shares for general corporate purposes, which may include, without limitation, providing capital to support organic growth or growth through strategic acquisitions, financing investments, capital expenditures, investments in wholly-owned bank subsidiaries as regulatory capital, and repaying indebtedness.

Raymond James & Associates, Inc., Keefe, Bruyette & Woods, A Stifel Company, Wells Fargo Securities, LLC, D.A. Davidson & Co., and Piper Sandler & Co. acted as joint book-running managers for the Offering.

The Offering was made only by means of a prospectus supplement and an accompanying base prospectus.  For this Offering, Heartland filed a registration statement on August 8, 2019 (File No. 333-233120), and on June 22, 2020, a prospectus supplement to the prospectus contained in the registration statement with the Securities and Exchange Commission (the “SEC”). Before you invest, you should read the prospectus in the registration statement, the prospectus supplement and the other documents that Heartland has filed with the SEC for more complete information about the company and the offering. You may obtain copies of these documents for free by visiting EDGAR on the SEC’s web site at www.sec.gov. Alternatively, Heartland, any underwriter or any dealer participating in the offering will arrange to send you copies of the prospectus and the prospectus supplement relating to the offering if you request it by contacting: Raymond James & Associates, Inc., Attention: Equity Syndicate, 880 Carillon Parkway, St. Petersburg, FL, 33716, or by telephone at [phone], or by e-mail at [e-mail].