[8-K] First Interstate BancSystem, Inc. Reports Material Event
First Interstate BancSystem, Inc. redeemed all outstanding 5.25% Fixed-to-Floating Rate Subordinated Notes due 2030 on August 15, 2025. The company paid a redemption price equal to 100% of principal plus accrued and unpaid interest to, but excluding, the Redemption Date, after notifying holders on July 3, 2025. First Interstate irrevocably deposited funds with the trustee sufficient to satisfy the redemption and, as a result, has been released from its obligations under those Notes and the First Supplemental Indenture effective on the Redemption Date. The Base Indenture, as supplemented by the Second Supplemental Indenture dated June 10, 2025, remains in effect for the company’s outstanding $125,000,000 aggregate principal amount of 7.625% Fixed-to-Floating Rate Subordinated Notes due 2035.
First Interstate BancSystem, Inc. ha rimborsato il totale delle obbligazioni subordinate 5,25% a tasso fisso variabile scadenza 2030 in data 15 agosto 2025. La società ha corrisposto un prezzo di riscatto pari al 100% del capitale più gli interessi maturati e non corrisposti fino alla data di riscatto (esclusa), dopo aver notificato i portatori in data 3 luglio 2025. First Interstate ha depositato irrevocabilmente i fondi necessari presso il trustee per soddisfare il riscatto e, per effetto di tale operazione, è stata liberata dalle obbligazioni relative a tali titoli e al First Supplemental Indenture a partire dalla data di riscatto. Il Base Indenture, integrato dal Second Supplemental Indenture del 10 giugno 2025, resta invece in vigore per l’ammontare residuo di 125.000.000 di dollari in obbligazioni subordinate 7,625% a tasso fisso variabile con scadenza 2035.
First Interstate BancSystem, Inc. redimió la totalidad de las Notas Subordinadas 5.25% de tasa fija a flotante con vencimiento en 2030 el 15 de agosto de 2025. La compañía pagó un precio de rescate equivalente al 100% del principal más los intereses devengados y no pagados hasta, pero sin incluir, la Fecha de Redención, tras notificar a los tenedores el 3 de julio de 2025. First Interstate depositó irrevocablemente los fondos con el fiduciario suficientes para satisfacer la redención y, como resultado, quedó liberada de sus obligaciones respecto a dichas Notas y al First Supplemental Indenture con efecto en la Fecha de Redención. El Base Indenture, complementado por el Second Supplemental Indenture de fecha 10 de junio de 2025, permanece en vigor para el monto pendiente de 125.000.000 de dólares en Notas Subordinadas 7.625% de tasa fija a flotante con vencimiento en 2035.
First Interstate BancSystem, Inc.는 2025년 8월 15일부로 만기 2030년인 5.25% 고정-변동 금리 후순위 채권 전액을 상환했습니다. 회사는 2025년 7월 3일 보유자들에게 통지한 후, 상환일을 제외한 그때까지의 미지급 및 발생 이자를 포함한 원금의 100%에 해당하는 상환 대금을 지급했습니다. First Interstate는 상환을 충족하기에 충분한 자금을 수탁자에게 돌이킬 수 없도록 예치했으며, 그 결과 해당 채권 및 First Supplemental Indenture에 따른 의무로부터 상환일부로 면제되었습니다. 2025년 6월 10일자 Second Supplemental Indenture로 보완된 Base Indenture는 만기 2035년인 7.625% 고정-변동 금리 후순위 채권 총액 125,000,000달러에 대해서는 여전히 효력을 유지합니다.
First Interstate BancSystem, Inc. a remboursé la totalité des titres subordonnés 5,25% à taux fixe puis variable arrivant à échéance en 2030 le 15 août 2025. La société a versé un prix de rachat égal à 100% du principal plus les intérêts courus et impayés jusqu'à, mais excluant, la date de rachat, après avoir informé les détenteurs le 3 juillet 2025. First Interstate a déposé irrévocablement des fonds auprès du fiduciaire suffisants pour satisfaire le rachat et, en conséquence, a été libérée de ses obligations au titre de ces titres et du First Supplemental Indenture à compter de la date de rachat. Le Base Indenture, complété par le Second Supplemental Indenture en date du 10 juin 2025, demeure en vigueur pour le montant principal restant de 125 000 000 $ d'obligations subordonnées 7,625% Fixed-to-Floating arrivant à échéance en 2035.
First Interstate BancSystem, Inc. hat am 15. August 2025 sämtliche ausstehenden nachrangigen Schuldverschreibungen mit variablem Zinssatz (5,25% Fixed-to-Floating) und Fälligkeit 2030 eingelöst. Das Unternehmen zahlte einen Rückzahlungspreis in Höhe von 100% des Kapitals zuzüglich aufgelaufener und unbezahlter Zinsen bis, jedoch ohne Einschluss, des Rückzahlungstermins, nachdem die Inhaber am 3. Juli 2025 benachrichtigt worden waren. First Interstate hat unwiderruflich Mittel beim Trustee hinterlegt, die zur Befriedigung der Rückzahlung ausreichen, und ist infolgedessen mit Wirkung zum Rückzahlungstermin von seinen Verpflichtungen aus diesen Schuldverschreibungen und dem First Supplemental Indenture entbunden. Das Base Indenture, ergänzt durch das Second Supplemental Indenture vom 10. Juni 2025, bleibt für den ausstehenden Nennbetrag von 125.000.000 USD an 7,625% Fixed-to-Floating nachrangigen Schuldverschreibungen mit Fälligkeit 2035 in Kraft.
- Complete redemption of all outstanding 5.25% Fixed-to-Floating Rate Subordinated Notes due 2030 on August 15, 2025
- Funds irrevocably deposited with trustee to cover redemption price and accrued interest, satisfying obligations under those notes
- Legal release obtained from obligations under the Notes and First Supplemental Indenture effective as of the Redemption Date
- None.
Insights
TL;DR: The company executed a contractual redemption of its 2030 subordinated notes, settling obligations and narrowing its outstanding subordinated debt profile.
The filing discloses a routine but material extinguishment of the company’s 5.25% subordinated notes due 2030 through payment at par plus accrued interest and formal deposit with the trustee. This action removes the related liability from the balance sheet and terminates covenant and payment obligations under the First Supplemental Indenture. The disclosure confirms proper notice to holders and procedural compliance. Impact is primarily balance-sheet and capital-structure related; the company still has $125 million of 7.625% subordinated notes due 2035 governed by the recently executed Second Supplemental Indenture.
TL;DR: Treasury fulfilled a planned redemption option on permitted call dates, depositing funds with the trustee and obtaining legal release of the 2030 notes.
The document indicates the company exercised its right to redeem on an interest payment date beginning May 15, 2025, and completed the redemption on August 15, 2025, following notice dated July 3, 2025. Funds were irrevocably deposited with the trustee to cover the redemption price and accrued interest, triggering satisfaction and discharge provisions. The filing is procedural and confirms settlement mechanics rather than introducing new financing or covenant changes beyond the continued governance of the outstanding 2035 notes under the Second Supplemental Indenture.
First Interstate BancSystem, Inc. ha rimborsato il totale delle obbligazioni subordinate 5,25% a tasso fisso variabile scadenza 2030 in data 15 agosto 2025. La società ha corrisposto un prezzo di riscatto pari al 100% del capitale più gli interessi maturati e non corrisposti fino alla data di riscatto (esclusa), dopo aver notificato i portatori in data 3 luglio 2025. First Interstate ha depositato irrevocabilmente i fondi necessari presso il trustee per soddisfare il riscatto e, per effetto di tale operazione, è stata liberata dalle obbligazioni relative a tali titoli e al First Supplemental Indenture a partire dalla data di riscatto. Il Base Indenture, integrato dal Second Supplemental Indenture del 10 giugno 2025, resta invece in vigore per l’ammontare residuo di 125.000.000 di dollari in obbligazioni subordinate 7,625% a tasso fisso variabile con scadenza 2035.
First Interstate BancSystem, Inc. redimió la totalidad de las Notas Subordinadas 5.25% de tasa fija a flotante con vencimiento en 2030 el 15 de agosto de 2025. La compañía pagó un precio de rescate equivalente al 100% del principal más los intereses devengados y no pagados hasta, pero sin incluir, la Fecha de Redención, tras notificar a los tenedores el 3 de julio de 2025. First Interstate depositó irrevocablemente los fondos con el fiduciario suficientes para satisfacer la redención y, como resultado, quedó liberada de sus obligaciones respecto a dichas Notas y al First Supplemental Indenture con efecto en la Fecha de Redención. El Base Indenture, complementado por el Second Supplemental Indenture de fecha 10 de junio de 2025, permanece en vigor para el monto pendiente de 125.000.000 de dólares en Notas Subordinadas 7.625% de tasa fija a flotante con vencimiento en 2035.
First Interstate BancSystem, Inc.는 2025년 8월 15일부로 만기 2030년인 5.25% 고정-변동 금리 후순위 채권 전액을 상환했습니다. 회사는 2025년 7월 3일 보유자들에게 통지한 후, 상환일을 제외한 그때까지의 미지급 및 발생 이자를 포함한 원금의 100%에 해당하는 상환 대금을 지급했습니다. First Interstate는 상환을 충족하기에 충분한 자금을 수탁자에게 돌이킬 수 없도록 예치했으며, 그 결과 해당 채권 및 First Supplemental Indenture에 따른 의무로부터 상환일부로 면제되었습니다. 2025년 6월 10일자 Second Supplemental Indenture로 보완된 Base Indenture는 만기 2035년인 7.625% 고정-변동 금리 후순위 채권 총액 125,000,000달러에 대해서는 여전히 효력을 유지합니다.
First Interstate BancSystem, Inc. a remboursé la totalité des titres subordonnés 5,25% à taux fixe puis variable arrivant à échéance en 2030 le 15 août 2025. La société a versé un prix de rachat égal à 100% du principal plus les intérêts courus et impayés jusqu'à, mais excluant, la date de rachat, après avoir informé les détenteurs le 3 juillet 2025. First Interstate a déposé irrévocablement des fonds auprès du fiduciaire suffisants pour satisfaire le rachat et, en conséquence, a été libérée de ses obligations au titre de ces titres et du First Supplemental Indenture à compter de la date de rachat. Le Base Indenture, complété par le Second Supplemental Indenture en date du 10 juin 2025, demeure en vigueur pour le montant principal restant de 125 000 000 $ d'obligations subordonnées 7,625% Fixed-to-Floating arrivant à échéance en 2035.
First Interstate BancSystem, Inc. hat am 15. August 2025 sämtliche ausstehenden nachrangigen Schuldverschreibungen mit variablem Zinssatz (5,25% Fixed-to-Floating) und Fälligkeit 2030 eingelöst. Das Unternehmen zahlte einen Rückzahlungspreis in Höhe von 100% des Kapitals zuzüglich aufgelaufener und unbezahlter Zinsen bis, jedoch ohne Einschluss, des Rückzahlungstermins, nachdem die Inhaber am 3. Juli 2025 benachrichtigt worden waren. First Interstate hat unwiderruflich Mittel beim Trustee hinterlegt, die zur Befriedigung der Rückzahlung ausreichen, und ist infolgedessen mit Wirkung zum Rückzahlungstermin von seinen Verpflichtungen aus diesen Schuldverschreibungen und dem First Supplemental Indenture entbunden. Das Base Indenture, ergänzt durch das Second Supplemental Indenture vom 10. Juni 2025, bleibt für den ausstehenden Nennbetrag von 125.000.000 USD an 7,625% Fixed-to-Floating nachrangigen Schuldverschreibungen mit Fälligkeit 2035 in Kraft.
FAQ
What did First Interstate (FIBK) report in this Form 8-K?
When were holders notified of the redemption?
What amount was deposited to effect the redemption?
Are there remaining subordinated notes outstanding?
Did the redemption release the company from related obligations?
