secwatch.observer — SEC 8-K summary
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Issuer:     PROVIDENT FINANCIAL SERVICES INC (PFS)
CIK:        0001178970
Form:       8-K
Filed at:   2024-05-10T23:59:59+00:00
Accession:  0001193125-24-136204
Event type: debt
Sentiment:  neutral
Materiality: 0.65
Item codes: 1.01, 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1178970/000119312524136204/0001193125-24-136204-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1178970/000119312524136204/d748877d8k.htm
  HTML page:      https://secwatch.observer/filing/0001193125-24-136204

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