Horizon Bancorp issues $100M in 7% subordinated notes due 2035; to redeem $56.5M of 5.625% notes

HORIZON BANCORP INC /IN/

Issued $100M aggregate principal of 7.00% Fixed-to-Floating Rate Subordinated Notes due 2035 in a private placement.
Initially 7.00% fixed interest through Sept 15, 2030, then three-month SOFR + 360bps quarterly floating rate.
Net proceeds used for general corporate purposes, balance sheet repositioning, and to redeem $56.5M of 5.625% notes due 2030.
Notes qualify as Tier 2 capital for regulatory capital purposes.

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