Valley National issues 6M shares of 8.25% Fixed-Rate Reset Preferred Series C

VALLEY NATIONAL BANCORP

Issued 6,000,000 shares of 8.250% Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock (Series C) at $25 liquidation preference per share.
Dividends fixed at 8.250% through September 29, 2029, then reset to 5-year UST rate plus 4.182% quarterly.
Series C ranks senior to common stock and on parity with existing Series A and B preferred stock.
Public offering underwritten by Morgan Stanley, BofA Securities, J.P. Morgan, UBS, Wells Fargo, and KBW.

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