Valley National issues $500M 6.219% sub notes due 2036; redeems $300M 3.00% notes

VALLEY NATIONAL BANCORP

Issued $500M aggregate principal of 6.219% Fixed-to-Floating Subordinated Notes due June 1, 2036; net proceeds ~$494.1M.
Redeeming all $300M 3.00% Fixed-to-Floating Subordinated Notes due 2031 on June 15, 2026 at par plus accrued interest.
New notes pay fixed 6.219% to June 2031, then SOFR+243 bps quarterly; intended to qualify as Tier 2 capital.
Underwriters: Keefe Bruyette & Woods, Morgan Stanley, RBC Capital Markets, R. Seelaus.

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