First Merchants prices USD 100 million subordinated notes offering
FRME•Subordinated notes priced
- First Merchants priced USD 100 million of 6.750% Fixed-to-Floating Rate Subordinated Notes due 2036 in a registered public offering.
- Coupon set at 6.750% through Sept. 30, 2031; resets quarterly from Oct. 1, 2031 to Three-Month Term SOFR + 202 basis points.
- Issuer call option begins Oct. 1, 2031 at par plus accrued interest; maturity set for Oct. 1, 2036.
- Closing expected around Sept. 25, 2026; proceeds earmarked for general corporate purposes, including common share repurchases.
