First Interstate BancSystem Announces Launch of Subordinated Notes Offering

Strategic Insights -

First Interstate BancSystem, a financial and bank holding company, has announced plans to offer subordinated notes due 2030, subject to market and other conditions. The company intends to use the net proceeds from the offering for general corporate purposes. Piper Sandler & Co. is acting as the sole book-running manager for the offering. The subordinated notes have not been approved or disapproved by any regulatory authority and have been registered with the U.S. Securities and Exchange Commission. The company has filed a registration statement and a preliminary prospectus supplement with the SEC.

Key Takeaways:

  • First Interstate BancSystem plans to offer subordinated notes due 2030, subject to market and other conditions.
  • The company intends to use the net proceeds from the offering for general corporate purposes.
  • Piper Sandler & Co. is acting as the sole book-running manager for the offering.
  • The subordinated notes have not been approved or disapproved by any regulatory authority.
  • The offering is subject to registration with the U.S. Securities and Exchange Commission.
  • First Interstate BancSystem has filed a registration statement and a preliminary prospectus supplement with the SEC.
  • Prospective investors should read the prospectus supplement and base prospectus for more complete information about First Interstate BancSystem and the offering.

Statistics:

  • $NaN (amount of the offering not specified)
  • 2030 (maturity date of the subordinated notes)
  • 0 (number of regulatory authorities that have approved the offering)
  • 1 (sole book-running manager for the offering, Piper Sandler & Co.)
  • 0 (number of regulatory authorities that have disapproved the offering)

Sources:

  • First Interstate BancSystem, Inc. (NASDAQ: FIBK) press release dated May 11, 2020, announcing the launch of subordinated notes offering.
  • First Interstate BancSystem, Inc. filing with the U.S. Securities and Exchange Commission, registration statement (File No. 333-237226).
  • SEC website, EDGAR, at http://www.sec.gov (free access to registration statements and prospectus supplements).