Horizon Bancorp, Inc. Announces Completion of $100 Million Subordinated Notes Offering

MICHIGAN CITY, Ind., Aug. 29, 2025 (GLOBE NEWSWIRE) -- Horizon Bancorp, Inc. (NASDAQ:HBNC) ("Horizon"), the parent company of Horizon Bank, today announced the completion of a private placement of $100,000,000 in aggregate principal amount of 7.00% Fixed-to-Floating Rate Subordinated Notes due 2035 (the "Notes"). Horizon intends to use the net proceeds of the private placement for general corporate purposes, including in support of the potential repositioning of its balance sheet, and to redeem approximately $56.5 million in aggregate principal amount of 5.625% Fixed-to-Floating Rate Subordinated Notes due 2030.

The Notes will initially bear interest at a fixed interest rate of 7.00% per annum until September 15, 2030, after which time the interest rate will reset quarterly to a floating rate equal to a benchmark rate, which is expected to be the then current three-month term Secured Overnight Financing Rate (SOFR) plus 360 basis points until the Notes' maturity on September 15, 2035. The Notes are redeemable by Horizon, in whole or in part, on any interest payment date on or after September 15, 2030, and at any time upon the occurrence of certain events. The Notes have been structured to qualify as Tier 2 capital for Horizon for regulatory capital purposes.

Performance Trust Capital Partners, LLC and Keefe, Bruyette & Woods, A Stifel Company acted as joint placement agents for the transaction and were represented by Alston & Bird LLP. Warner Norcross + Judd LLP served as legal counsel to Horizon.

The Notes have not been registered under the Securities Act of 1933, as amended, or any state securities laws and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements. This press release is for informational purposes only and shall not constitute an offer to sell, or the solicitation of an offer to buy any security, nor shall there be any sale in any jurisdiction in which such an offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction. The indebtedness evidenced by the Notes is not a deposit and is not insured by the Federal Deposit Insurance Corporation or any other government agency or fund.

About Horizon Bancorp, Inc.

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