Provident closes $225M subordinated notes offering; Lakeland merger to close May 15

PROVIDENT FINANCIAL SERVICES INC

Completed offering of $225M 9.00% fixed-to-floating subordinated notes due 2034 at par; net proceeds ~$219.3M.
Notes pay 9% semi-annually through May 15, 2029, then floating at 3-month SOFR + 476.5 bps quarterly.
Satisfies regulatory condition for Lakeland Bancorp merger; closing expected May 15, 2024 after market close.
Proceeds invested in Provident Bank as Tier 1 capital; may repay FHLB advances and other debt.
Piper Sandler and KBW acted as joint book-running managers; notes qualify as Tier 2 capital at holding company.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.99

PROVIDENT FINANCIAL SERVICES INC incurred senior notes of $225.0 million aggregate principal amount with Wilmington Trust, National Association at 9.00% Fixed-to-Floating Rate maturing due 2034.

Instrument: senior notes
Principal: $225.0 million aggregate principal amount
Counterparty: Wilmington Trust, National Association
Rate: 9.00% Fixed-to-Floating Rate
Maturity: due 2034
Event: incurrence

Exact text from the filing

standards provided pursuant to Section 13(a) of the Exchange Act. ☐ Item 1.01 Entry into a Material Definitive Agreement Pursuant to the previously announced offering of $225.0 million aggregate principal amount of 9.00% Fixed-to-Floating Rate Subordinated Notes due 2034 (the “Notes”) to be issued by Provident Financial Services, Inc. (the “Company”), the

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

PROVIDENT FINANCIAL SERVICES INC entered into Indenture with Wilmington Trust, National Association valued at $225.0 million aggregate principal amount of 9.00% Fixed-to-Floating Rate Subordinated Notes due 203 (effective 2024-05-13).

Action: entry
Agreement: notes offering
Counterparty: Wilmington Trust, National Association
Value: $225.0 million aggregate principal amount of 9.00% Fixed-to-Floating Rate Subordinated Notes due 203
Effective: 2024-05-13

Exact text from the filing

the Company and Wilmington Trust, National Association, as trustee entered into an Indenture dated as of May 13, 2024 (the “Base Indenture”) and a First Supplemental Indenture dated as of May 13, 2024 to the Base Indenture (the “Supplemental Indenture” and, together with the Base Indenture, the “Indenture”), providing for the issuance of the Notes.

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306 debt financings filed in the last 30 days. Browse all debt financings →

PROVIDENT FINANCIAL SERVICES INC filing history →

Source: SEC EDGAR

accession 0001193125-24-136926

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