Old National Bancorp in Evansville, Ind., is selling $150 million of unsecured senior notes to fund the cash portion of pending deals and to possibly support future acquisitions.
The senior notes Old National is selling are due in 2024, according to a press release issued by the company on Monday.
The $10.4 billion-asset company intends to use the net proceeds from this offering for general corporate purposes, which may include providing capital to support business growth, cash payments for the pending acquisitions of LSB Financial and Founders Financial, and repurchases of common stock. The cash could also be used in future deals, but the company said in a slide presentation that it has no other acquisition commitments or agreements beyond those that have been announced and it "may decide not to make any additional acquisitions."
Old National expects the $67 million LSB transaction to close in the fourth quarter and the $88.2 million Founders deal to close in the first half of next year.
Meanwhile, on July 31, the company completed its acquisition of the $881 million-asset United Bancorp.