First Merchants issues $100M of 6.750% subordinated notes due 2036 as Tier 2 capital

FIRST MERCHANTS CORP

$100 million aggregate principal of 6.750% Fixed-to-Floating Rate Subordinated Notes due October 1, 2036, issued under an indenture dated September 25, 2026 with U.S. Bank Trust Company as trustee.
Fixed rate of 6.750% paid semi-annually on April 1 and October 1, starting April 1, 2027; from October 1, 2031 the rate floats at Three-Month Term SOFR plus 202 basis points, reset quarterly.
Notes are redeemable at 100% of principal plus accrued interest, in whole or in part, beginning October 1, 2031 and on any interest payment date thereafter.
Pre-2031 the notes are callable only in whole on a Tax Event, a loss of Tier 2 capital treatment, or an Investment Company Act registration requirement, subject to Federal Reserve approval.
Offering was made under First Merchants' effective shelf registration statement on Form S-3ASR (File No. 333-298983); proceeds use was not disclosed in the filing.

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