First Internet greenshoe lifts 6% fixed-to-floaters to $37 million

By Marisa Wong

Morgantown, W.Va., June 19 – First Internet Bancorp said the underwriters for its recent offering of fixed-to-floating rate subordinated notes due 2029 exercised their $2 million over-allotment option in full, bringing the total issue size to $37 million. The additional notes settled on Wednesday, according to a press release.

As previously reported, First Internet priced on June 5 an upsized $35 million of fixed-to-floating notes due 2029 at par with an initial coupon at 6%.

The deal was upsized from an initial $30 million and came in under talk of a coupon in the 6.125% area.

Keefe, Bruyette & Woods, Inc. is the bookrunner.

The notes are redeemable on or after June 30, 2024. Prior to that, they are redeemable after a regulatory capital treatment event.

The coupon is fixed until June 30, 2024, then converts to a floating rate of Libor plus 411.4 basis points.

First Internet plans to use the proceeds for general corporate purposes, which may include providing capital to support its growth organically or through strategic acquisitions, repayment of debt, repurchases of issued and outstanding common stock, financing investments and capital expenditures, and for investments in the bank as regulatory capital.

The notes are listed on the Nasdaq Global Select Market under the symbol “INBKZ.”

First Internet is a Fishers, Ind.-based bank holding company.

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