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First Midwest Bancorp offering $150M in subordinated debt

First Midwest BancorpInc. is offering $150 million of subordinated debt securities.

The notes are due in 2026 and carry an interest rate of 5.875%,paid semiannually. The company expects to close the offering on Sept. 29.

According to a Form 8-K, First Midwest plans to use a portionof the proceeds from the offering to repay $115 million of 5.875% senior notes duein November.

Goldman Sachs & Co. and Sandler O'Neill & Partners LPare book managers for the offering, with Stephens Inc. acting as co-manager.