Old National Bancorp Finalizes $450M Subordinated Notes Offering
ONB sits 41% above its 52-week low of $16.825.
Summary
Old National Bancorp finalized its offering of $450 million in 5.768% fixed-to-floating rate subordinated notes due 2036, an increase from the previously announced $300 million.
Key Events · Financing and Capital Events · ONB
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Finalizes Subordinated Notes Offering
Old National Bancorp finalized the offering of 5.768% fixed-to-floating rate subordinated notes due 2036.
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Upsized Offering to $450 Million
The aggregate principal amount of the notes was increased to $450 million, up from the $300 million previously announced on January 26, 2026.
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Proceeds for General Corporate Purposes
The net proceeds from this offering will be used for general corporate purposes, enhancing the company's financial flexibility.
Analysis · ONB · Finance
This Free Writing Prospectus finalizes the terms and pricing of Old National Bancorp's subordinated notes offering, increasing the aggregate principal amount to $450 million from the $300 million previously indicated. The successful issuance of these notes provides a substantial capital injection for general corporate purposes, strengthening the company's financial position. The fixed-to-floating rate structure and 5.768% re-offer yield reflect current market conditions for subordinated debt. While adding to the company's leverage, this capital raise is a significant event for the company's long-term strategic flexibility.
At the time of this filing, ONB was trading at $23.69 on NASDAQ in the Finance sector, with a market capitalization of approximately $9.3B. The 52-week trading range was $16.83 to $24.78. This filing was assessed with neutral market sentiment and an importance score of 8 out of 10.