debt
confidence high
sentiment neutral
materiality 0.55
Valley National Bancorp prices $150M 6.25% subordinated notes due 2032; proceeds for social/green assets
VALLEY NATIONAL BANCORP
- Issued $150M aggregate principal of 6.25% Fixed-to-Floating Rate Subordinated Notes due Sept 30, 2032.
- Notes bear 6.25% fixed rate to Sept 30, 2027, then float at 3-month SOFR + 278 bps; intended as Tier 2 capital.
- Net proceeds of ~$147.5M (after underwriting discounts & expenses) to finance or refinance eligible social/green assets.
- Joint book-running managers: Piper Sandler & Co. and Morgan Stanley & Co. LLC; expected closing Sept 20, 2022.
- Issued under shelf registration statement (File No. 333-254696) with supplemental prospectus filed Sept 15, 2022.