FIRST INTERSTATE BANCSYSTEM INC (FIBK): debt financing — First Interstate BancSystem closes $125M offering of 7.625% subordinated notes due 2035

FIRST INTERSTATE BANCSYSTEM INC

Completed public offering of $125M in 7.625% fixed-to-floating rate subordinated notes due 2035.
Notes initially treated as Tier 2 capital for regulatory purposes.
Interest: 7.625% fixed through June 15, 2030, then floating at 3M Term SOFR + 398 bps quarterly.
Company may redeem notes in whole/part starting June 15, 2030, or upon tax/Tier 2 capital events.
Notes are unsecured, subordinated, and structurally subordinate to liabilities of bank subsidiary.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

FIRST INTERSTATE BANCSYSTEM INC incurred senior notes of $125,000,000 aggregate principal amount with U.S. Bank Trust Company, National Association at 7.625% Fixed-to-Floating Rate maturing 2035.

Instrument: senior notes
Principal: $125,000,000 aggregate principal amount
Counterparty: U.S. Bank Trust Company, National Association
Rate: 7.625% Fixed-to-Floating Rate
Maturity: 2035
Event: incurrence

Exact text from the filing

On June 10, 2025, First Interstate BancSystem, Inc. (the “Company”) completed its previously announced public offering of $125,000,000 aggregate principal amount of its 7.625% Fixed-to-Floating Rate Subordinated Notes due 2035

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Source: SEC EDGAR

accession 0001104659-25-058170

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