secwatch.observer — SEC 8-K summary
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Issuer:     FIRST MERCHANTS CORP (FRME)
CIK:        0000712534
Form:       8-K
Filed at:   2026-09-25T18:10:16+00:00
Accession:  0001193125-26-402604
Event type: debt
Sentiment:  neutral
Materiality: 0.45
Item codes: 1.01, 2.03, 9.01
LLM model:  deepseek-v4.1-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/712534/000119312526402604/0001193125-26-402604-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/712534/000119312526402604/d154643d8k.htm
  HTML page:      https://secwatch.observer/filing/0001193125-26-402604

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