Financing ·
First Merchants issues $100M of 6.75% fixed-to-floating subordinated notes due 2036
FRMEFirst Merchants Corp
First Merchants Corporation entered into an Indenture dated September 25, 2026, to issue $100 million aggregate principal amount of 6.750% Fixed-to-Floating Rate Subordinated Notes due October 1, 2036. The notes bear interest at an initial fixed rate of 6.750% per annum, payable semi-annually in arrears on April 1 and October 1, commencing April 1, 2027. From October 1, 2031, until maturity or redemption, the interest rate will float at Three-Month Term SOFR plus 202 basis points, payable quarterly. The notes are redeemable by the company at par plus accrued interest beginning October 1, 2031, or earlier upon specific tax or regulatory events. First Merchants Corporation operates in the banking industry, providing financial services including commercial and retail banking.