Old National Bancorp Finalizes $450M Subordinated Notes Offering

summarizeSummary

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.

check_boxKey Events

• Finalizes Subordinated Notes Offering

  Old National Bancorp finalized the offering of 5.768% fixed-to-floating rate subordinated notes due 2036.

• 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.

• Proceeds for General Corporate Purposes

  The net proceeds from this offering will be used for general corporate purposes, enhancing the company's financial flexibility.

auto_awesomeAnalysis

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.