First Merchants Corporation priced a $100M offering of 6.750% fixed-to-floating rate subordinated notes due 2036. The notes will carry a 6.750% fixed interest rate through September 2031, then reset quarterly to an expected Three-Month Term SOFR plus 202 basis points. The company expects the offering to close around September 25, 2026. Proceeds will be used for general corporate purposes, including potential repurchases of common shares. The notes are intended to qualify as Tier 2 regulatory capital and may be redeemed at par beginning October 1, 2031.
First Merchants CorporationFirst Merchants priced $100M of 6.750% subordinated notes due 2036, with proceeds for general corporate purposes including potential share repurchases.
