Old National Bancorp Completes $450 Million Subordinated Note Offering
Summary
Old National Bancorp has completed its $450 million offering of 5.768% fixed-to-floating rate subordinated notes due 2036, generating approximately $446.6 million in net proceeds for general corporate purposes.
Key Events
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Offering Completed
Old National Bancorp finalized the issuance and sale of $450 million aggregate principal amount of 5.768% Fixed-to-Floating Rate Subordinated Notes due 2036.
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Net Proceeds
The offering generated approximately $446.6 million in net proceeds after an underwriting discount of 0.75%.
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Use of Proceeds
The company intends to use the net proceeds from the offering for general corporate purposes.
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Tier 2 Capital Qualification
The notes are intended to qualify as Tier 2 capital for regulatory purposes, strengthening the company's capital adequacy.
Analysis
This 8-K filing confirms the completion of Old National Bancorp's $450 million offering of 5.768% fixed-to-floating rate subordinated notes due 2036. This event, which was previously announced as finalized on January 26 and 27, provides approximately $446.6 million in net proceeds for general corporate purposes. The notes are designed to qualify as Tier 2 capital, enhancing the company's regulatory capital position and adding to its long-term financial flexibility.
At the time of this filing, ONB was trading at $24.40 on NASDAQ in the Finance sector, with a market capitalization of approximately $9.5B. The 52-week trading range was $16.83 to $24.78. This filing was assessed with neutral market sentiment and an importance score of 7 out of 10.