Old National Bancorp Finalizes $450M Subordinated Notes Offering
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
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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
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.