First Internet Bancorp completes USD 20.5 million subordinated notes private placement - INBK News | RalliesFirst Internet Bancorp completes USD 20.5 million subordinated notes private placement
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INBK• Private placement of subordinated notes completed
- First Internet Bancorp completed a private placement of USD 20.5 million of 8.0% fixed-to-floating rate subordinated notes due 2036.
- Notes pay 8.0% fixed interest from Sept. 10, 2026 to Sept. 15, 2031, with semiannual payments.
- The rate resets from Sept. 15, 2031 to 3-month term SOFR + 373.5 basis points, with quarterly payments.
- Proceeds are earmarked for general corporate purposes, including possible redemption or retirement of higher-cost debt.
- The notes are callable on or after Sept. 15, 2031, with additional redemption triggers tied to certain events.
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