Old National Bancorp Sells $450 Million of 5.768% Subordinated Notes Due 2036
Old National Bancorp completed the issuance and sale of $450 million in subordinated notes due 2036 on January 29, 2026, with net proceeds of approximately $446.6 million before offering expenses. The company said it intends to use the proceeds for general corporate purposes. The notes add long-term debt to the company's balance sheet, and they rank junior to the company's senior indebtedness.
Key points
- Principal amount: $450 million of 5.768% Fixed-to-Floating Rate Subordinated Notes due February 15, 2036
- Net proceeds of approximately $446.6 million after a 0.75% underwriting discount, before offering expenses
- Fixed rate applies until February 15, 2031; floating rate then at Three-Month Term SOFR plus 220 basis points
- Notes are not guaranteed by subsidiaries and are structurally subordinated to liabilities of Old National Bank
The filing
Written by AI on Nov 8, 2026, 1:17 AM ET, from this filing only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on January 29, 2026.
Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.