Horizon Bancorp, Inc. Announces Pricing of Subordinated Notes Offering

MICHIGAN CITY, Ind., June 17, 2020 (GLOBE NEWSWIRE) -- (NASDAQ GS: HBNC) – Horizon Bancorp, Inc. (“Horizon” or the “Company”) announced today the pricing of its public offering of $60 million aggregate principal amount of 5.625% fixed-to-floating rate subordinated notes due 2030 (the “Subordinated Notes”). The Subordinated Notes will be issued to the public at 100% of par. The Subordinated Notes will have an initial fixed interest rate of 5.625% from the original issue date to, but excluding July 1, 2025 or the date of earlier redemption, payable semi-annually in arrears. From, and including, July 1, 2025 to but excluding the maturity date or date of earlier redemption, the interest rate on the Subordinated Notes will reset quarterly to a floating rate per annum equal to a benchmark rate, which is expected to be Three-Month Term SOFR (as defined in our previously filed prospectus supplement), plus 549 basis points, payable quarterly in arrears. The Subordinated Notes will mature on July 1, 2030.

The Company intends to use the net proceeds from the offering, after deducting underwriting discounts, commissions and estimated transaction expenses, for general corporate purposes. The closing of the offering of the Subordinated Notes is subject to customary closing conditions and is expected to close on June 24, 2020. The Subordinated Notes are intended to qualify as Tier 2 capital for regulatory purposes.

Keefe, Bruyette & Woods, A Stifel Company, is acting as sole book-running manager for the offering. The Subordinated Notes are being offered pursuant to a prospectus supplement and an accompanying base prospectus describing the terms of the offering. Horizon filed a registration statement (File No. 333-222624), and a preliminary prospectus supplement to the prospectus contained in the registration statement with the U.S. Securities and Exchange Commission (“SEC”) for the Subordinated Notes to which this communication relates and will file a final prospectus supplement relating to the Subordinated Notes.

Prospective investors should read the applicable prospectus supplement and base prospectus in the registration statement and other documents Horizon has filed or will file with the SEC for more complete information about Horizon and the relevant offering. You may obtain these documents for free by visiting EDGAR on the SEC's website at http://www.sec.gov. Electronic copies of each final prospectus supplement, when available, and the accompanying base prospectus may be obtained by contacting Keefe, Bruyette & Woods, A Stifel Company at 787 Seventh Avenue, Fourth Floor, New York, NY 10019, by e-mail at [e-mail], by fax at 212-581-1592, or by calling 1-800-966-1559.