04:18 PM EDT, 08/29/2025 (MT Newswires) -- Horizon Bancorp ( HBNC ) , the parent company of Horizon Bank, said late Friday it has completed a $100 million private placement of 7.00% fixed-to-floating rate subordinated notes due 2035.

The subordinated notes carrying a fixed 7.00% annual coupon through Sept. 15, 2030, after which the rate will reset quarterly to three-month SOFR plus 360 basis points until their 2035 maturity, said the company.

Net proceeds will be allocated for general corporate purposes, such as strengthening the balance sheet, and to redeem approximately $56.5 million of its 5.625% subordinated notes maturing in 2030.