Financing ·
First Merchants prices $100 million of 6.75% fixed-to-floating subordinated notes due 2036
FRMEPFirst Merchants Corp
First Merchants Corporation announced the pricing of a $100 million registered public offering of 6.750% Fixed-to-Floating Rate Subordinated Notes due 2036 on September 23, 2026. The notes will initially bear interest at 6.750% per annum from September 25, 2026, through September 30, 2031, with semiannual payments commencing April 1, 2027. After October 1, 2031, the rate will reset quarterly to Three-Month Term SOFR plus 202 basis points. The company intends to use net proceeds for general corporate purposes, including common share repurchases, and expects the notes to qualify as Tier 2 capital. Piper Sandler is acting as sole book-running manager with Keefe, Bruyette & Woods, Hovde Group, and Brean Capital as co-managers. Closing is expected on or about September 25, 2026.