First Internet Bancorp (NASDAQ:INBK) has priced a new issue of Fixed-to-Floating rate subordinated notes. This is a small issue of just 1.4 million shares (bonds) with another 80,000 for over allotments.
The issue will have a fixed 6% coupon until 6/29/2024 after which it will float at the rate of 3 month Libor plus a spread of 4.114%.
The coupon will float beginning on 6/30/2024 and final maturity will be on 6/30/2029.
The issue is unrated by the big ratings agencies, but is rated BBB- by Kroll Bond Rating Agency.
No ticker has yet been announced and there will be no OTC Grey market trading on this issue.