First Merchants Prices $100M Subordinated Notes
First Merchants Corporation (NASDAQ: FRME) has priced a $100 million offering of subordinated notes with a fixed interest rate of 6.750%. These notes are set to mature in 2036 and will maintain the fixed rate until September 2031, after which they will transition to a floating-rate structure based on Three-Month Term SOFR plus 202 basis points. The issuance reflects First Merchants' strategy for capital management and long-term funding. The notes are subordinated in right of payment to the company's other obligations, indicating their position as junior debt instruments within its capital structure.
Tickers: $FRME
Topics: bond issuance capital raising fixed-to-floating rate notes