First Interstate BancSystem, Inc. (NASDAQ: FIBK) has announced the pricing of its public offering of $125 million aggregate principal amount of 7.625% Fixed-to-Floating Rate Subordinated Notes due 2035. The Notes are priced at 100% of the principal amount. Interest will accrue at a rate of 7.625% per annum until June 15, 2030, payable semiannually. After this date, the interest will switch to a floating rate per annum equal to the benchmark rate, expected to be Three-Month Term SOFR, plus 398 basis points, payable quarterly. The offering is set to close on June 10, 2025, pending customary closing conditions. The net proceeds are estimated to be approximately $123.1 million, which the company plans to use to redeem existing 5.25% Fixed-to-Floating Rate Subordinated Notes due 2030 and for general corporate purposes. Keefe, Bruyette & Woods, A Stifel Company, is acting as the sole book-running manager for the offering.