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Get filing alertsFirst Merchants prices $100M subordinated notes offering at 6.750% fixed-to-floating due 2036
Filed September 24, 2026 · Period ending September 23, 2026 · ~1 min read
Key Changes
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First Merchants priced $100 million of 6.750% Fixed-to-Floating Rate Subordinated Notes due 2036.
Item 8.01 verify on EDGAR → -
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Notes pay 6.750% fixed semiannually until Oct 1, 2031, then reset quarterly to Three-Month Term SOFR plus 202 basis points.
Item 8.01 verify on EDGAR → -
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Company may redeem notes at par on or after Oct 1, 2031; maturity is Oct 1, 2036 if not redeemed.
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Net proceeds for general corporate purposes, including potential share repurchases; notes intended to qualify as Tier 2 capital.
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Piper Sandler is sole book-running manager; offering expected to close on or about Sept 25, 2026.
Item 1.01 verify on EDGAR →
Summary
First Merchants Corp. has priced a $100 million offering of subordinated notes due 2036. The notes carry a fixed 6.750% coupon until October 1, 2031, then switch to a floating rate based on Three-Month Term SOFR plus 202 basis points. The company may redeem the notes at par starting October 1, 2031, and they mature in 2036 if not redeemed.
Proceeds are earmarked for general corporate purposes, including possible share repurchases, and the notes are designed to qualify as Tier 2 regulatory capital. Piper Sandler is the sole book-running manager, with closing expected around September 25, 2026. This is a routine capital raise for a regional bank, with no red flags in the filing.
Section-by-Section Diff
Event · Item 1.01 — Entry into a Material Definitive Agreement
Item 1.01 — Entry into a Material Definitive Agreement filed; see Key Changes for terms.
Added in current filing · verify on EDGAR →
entered into an underwriting agreement (the “Underwriting Agreement”) with Piper Sandler & Co., as representatives of the underwriters named therein
Piper Sandler & Co. is acting as representative of the underwriters for the offering. The agreement is filed as Exhibit 1.1 to the 8-K.
Event · Item 8.01 — Other Events
First Merchants priced an offering of Notes, per a press release attached as Exhibit 99.1.
Added in current filing · verify on EDGAR →
On September 23, 2026, the Corporation issued a press release announcing the pricing of its offering of the Notes.
The company disclosed that it priced an offering of Notes on September 23, 2026. The press release with details is attached as Exhibit 99.1 and incorporated by reference.
Event · Exhibit 99.1
Added in current filing · view on EDGAR →
The Company may redeem the Notes, in whole or in part, on October 1, 2031 and on any interest payment date thereafter at a price equal to 100% of the principal amount of the Notes being redeemed plus accrued and unpaid interest thereon. The Notes will mature on October 1, 2036 if they are not earlier redeemed.
The company can redeem the notes at par starting October 1, 2031, which coincides with the switch to the floating rate. If not redeemed, the notes mature on October 1, 2036.
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Figures/quotes linked to EDGAR · Narrative written by AI · Sep 25, 2026 · How we verify