FIRST MERCHANTS CORP — Form 8-K
Filed September 25, 2026 · analyzed by the 8-K Agent
8-K
— Neutral
significance 28/100
What the filing says
First Merchants Corporation issued $100 million aggregate principal amount of 6.750% Fixed-to-Floating Rate Subordinated Notes Due 2036. The notes bear fixed interest at 6.750% per annum from September 25, 2026 through October 1, 2031, then convert to floating rate (Three-Month Term SOFR plus 202 basis points) from October 1, 2031 through maturity on October 1, 2036. Notes are subordinated to all Senior Indebtedness and issued under a new indenture with U.S. Bank Trust Company as trustee.
Why this rating
Routine capital raising: $100M subordinated debt is ~4.5% of $2.2B market cap, standard for bank holding company recapitalization, boilerplate indenture mechanics.
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