Provident Financial Services prices $225M 9% subordinated notes due 2034, upsized from $200M

PROVIDENT FINANCIAL SERVICES INC

$225M aggregate principal of 9.00% Fixed-to-Floating Rate Subordinated Notes due 2034; upsized from previously announced $200M.
Interest at 9% fixed to May 15, 2029, then floating at Three-Month Term SOFR + 476.5 bps, payable quarterly.
Offering to satisfy regulatory conditions for merger with Lakeland Bancorp; net proceeds invested in Provident Bank.
Notes qualify as Tier 2 capital; redeemable at par after May 15, 2029; mature May 15, 2034.
Joint book-running managers: Piper Sandler & Co. and Keefe, Bruyette & Woods.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

PROVIDENT FINANCIAL SERVICES INC entered into Underwriting Agreement with Piper Sandler & Co. and Keefe, Bruyette & Woods, Inc. valued at $225,000,000 (effective 2024-05-09).

Action: entry
Agreement: underwriting
Counterparty: Piper Sandler & Co. and Keefe, Bruyette & Woods, Inc.
Value: $225,000,000
Effective: 2024-05-09

Exact text from the filing

On May 9, 2024, Provident Financial Services, Inc. (the “Company”) and Provident Bank, the wholly-owned subsidiary of the Company, entered into an underwriting agreement (the “Underwriting Agreement”) with Piper Sandler & Co. and Keefe, Bruyette & Woods, Inc., as representatives of the underwriters named therein (the “Underwriters”).

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299 material agreements filed in the last 30 days. Browse all material agreements →

PROVIDENT FINANCIAL SERVICES INC filing history →

Source: SEC EDGAR

accession 0001193125-24-136204

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