Provident Financial Services completes $175M subordinated notes offering due 2036

PROVIDENT FINANCIAL SERVICES INC

Issued $175M aggregate principal of 6.50% Fixed-to-Floating Rate Subordinated Notes due 2036.
Fixed rate of 6.50% until Sep 1, 2031, then floating at 3-month SOFR + 239 bps.
Proceeds to repay $150M 2.875% notes due 2031 and $20M variable-rate junior sub notes due 2033.
Offering led by Piper Sandler & Co. and Keefe, Bruyette & Woods under Form S-3 shelf registration.
Notes mature Sep 1, 2036; redeemable at par on/after Sep 1, 2031 at issuer option.

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