First Merchants Corp Announces $100M Subordinated Notes Offering

What Happened

• On September 23, 2026, First Merchants Corporation entered into an underwriting agreement with Piper Sandler & Co., as representative of the underwriters, to sell $100,000,000 aggregate principal amount of 6.750% Fixed-to-Floating Rate Subordinated Notes due 2036.
• The offering was made as a registered public offering under the company’s effective shelf registration statement on Form S-3 (File No. 333-298983). The company issued a press release on September 23, 2026 announcing the pricing.

Key Details

• Offering size: $100,000,000 aggregate principal amount.
• Coupon/type: 6.750% Fixed-to-Floating Rate Subordinated Notes due 2036.
• Agreement date and announcement: Underwriting Agreement and press release dated September 23, 2026.
• Underwriter lead: Piper Sandler & Co.; public offering under an effective Form S-3 shelf registration.

Why It Matters

• This transaction adds $100 million of long-term subordinated debt to First Merchants’ balance sheet, increasing its interest-bearing obligations but not issuing equity (so no shareholder dilution).
• Subordinated notes are junior to senior debt, which can affect the company’s credit structure; investors should note the fixed-to-floating 6.75% terms and the long maturity (2036) when assessing future interest expense and capital structure.
• The filing provides operative documents (underwriting agreement and press release) for investors who want the full terms and official disclosure.