Horizon Bank raises more than $200 million through stock offering and notes

Horizon Bank has raised more than $200 million in capital through a public stock offering and the sale of notes.

The Michigan City-based bank sold $100 million in notes to cover business expenses, including paying down debt, and brought in another $100 million through a stock offering.

Horizon Bank privately placed $100 million in fixed-to-floating rate subordinated notes that come due in 2035. The notes will pay an aggregated principal amount of 7%.

The bank plans to use the net proceeds from the sale for general corporate purposes. Some of the proceeds will likely be used to reposition its balance sheet and to redeem about $56.5 million in fixed-to-floating rate subordinated notes with an aggregate principal amount of 5.625% due 2020.

The bank also closed on a public offer of 7,138,0