First Interstate BancSystem Inc. has successfully completed its public offering, raising $125 million through the issuance of 7.625% Fixed-to-Floating Rate Subordinated Notes due 2035. The offering was conducted under the company's registration statement on Form S-3ASR filed with the SEC on May 26, 2023. These notes, initially treated as Tier 2 capital for regulatory purposes, were issued under an Indenture agreement initially established on May 15, 2020, with U.S. Bank Trust Company. The issuance positions the notes to rank equally with existing and future subordinated indebtedness while being structurally subordinated to the liabilities and obligations of the company's subsidiaries. This financial move enhances First Interstate BancSystem's capital structure, providing additional resources for growth and stability.
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