First Financial Bancorp. in Cincinnati has issued $120 million in subordinated debt and plans to use the proceeds for potential stock repurchases and to support growth.
The $7.4 billion-asset company on Aug. 20 issued 5.125% notes, payable semiannually, due August 2025, according to a regulatory filing.
First Financial may also use the proceeds for investments at the holding company level and for cash in potential future acquisitions. Earlier this month, First Financial acquired Oak Street Holdings, an Indianapolis lender to the insurance industry.
RBC Capital Markets was book-running manager for the subordinated-debt offering. Wells Fargo served as trustee. Vorys, Sater, Seymour and Pease was legal counsel to First Financial.