First Financial Bancorp Announces $300 Million Subordinated Notes Offering with Fixed-to-Floating Rate

First Financial Bancorp Prices Subordinated Notes Offering

On November 6, 2025, First Financial Bancorp (NASDAQ: FFBC), the parent company of First Financial Bank, announced the pricing for a public offering of subordinated notes. This offering will amount to an aggregate principal of $300 million with a unique interest structure designed to attract diverse investors.

The notes, which bear a fixed rate of 6.375% from the issue date until December 1, 2030, will subsequently shift to a floating interest rate. The floating rate will be determined based on a benchmark rate, anticipated to be the Three-Month Term SOFR, plus a spread of 300 basis points. This transition provides investors with both stability in the initial years and flexibility in a variable interest rate environment.

The interest payments are set to be made semiannually for the fixed rate period and quarterly thereafter for the floating rate period, thus catering to various investor preferences for cash flows. According to First Financial, the notes are structured to qualify as Tier 2 capital, which is crucial for maintaining regulatory compliance and financial stability.

First Financial expects the net proceeds from the offering to be approximately $296 million after underwriting discounts and before considering transaction-related expenses. These funds will be used for general corporate purposes, which could involve the potential redemption of existing subordinated notes maturing in 2030, thereby enhancing the company's strategic financial positioning.

The successful closing of this offering is contingent upon standard closing conditions and is projected to finalize on November 10, 2025. The investment banking firms Keefe, Bruyette & Woods and Janney Montgomery Scott LLC are serving as joint book-running managers for this transaction, highlighting the trust and credibility these firms carry within the financial services industry.

Legal advice in connection with the offering is being provided by Squire Patton Boggs (US) LLP for First Financial, and by Skadden, Arps, Slate, Meagher & Flom LLP for the underwriters, ensuring that all regulatory requirements are thoroughly addressed.

Company Overview

Headquartered in Cincinnati, Ohio, First Financial Bancorp operates with a robust asset base of approximately $18.6 billion as of September 30, 2025. It manages $11.7 billion in loans and $14.4 billion in deposits, indicating a solid operational heartbeat. Established in 1863, First Financial Bank offers a diverse range of banking services through its six major business lines: Commercial and Retail Banking, Investment in Commercial Real Estate, Mortgage Banking, Commercial Finance, and Wealth Management.

Notably, the Wealth Management division manages about $4.0 billion in assets, providing clients with services that span wealth planning to retirement solutions. As of the end of September 2025, First Financial maintains a network of 127 full-service banking centers strategically located across Ohio, Indiana, Kentucky, and Illinois.

In recognition of its commitment to community engagement, First Financial Bank recently achieved its second consecutive