---
schema_version: "secwatch.filing_event.v1"
accession: "0001628280-25-053807"
form_type: "8-K"
ticker: "WAL"
cik: "0001212545"
company_name: "WESTERN ALLIANCE BANCORPORATION"
filed_at: "2025-11-24T23:59:59+00:00"
generated_at: "2026-05-16T17:15:39.963229+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.6
calibrated_materiality_score: 0.6
confidence: "high"
source: SEC EDGAR
---

# Western Alliance Bank issues $400M in subordinated notes at 6.537% due 2035

## Summary
- Issued $400M aggregate principal of 6.537% Fixed Rate Reset Subordinated Notes due November 15, 2035.
- Net proceeds to Western Alliance Bank of $397.2M after discounts and commissions.
- Initial fixed rate of 6.537% through November 15, 2030; then resets to 5-year U.S. Treasury Rate plus 285 bps.
- Notes intended to qualify as Tier 2 capital for bank regulatory purposes; proceeds for general corporate purposes.
- Notes are unsecured, subordinated obligations, redeemable at par on or after November 15, 2030.

## SEC filing metadata
- accession: 0001628280-25-053807
- form_type: 8-K
- ticker: WAL
- cik: 0001212545
- company_name: WESTERN ALLIANCE BANCORPORATION
- filed_at: 2025-11-24T23:59:59+00:00
- event_type: debt
- sentiment: neutral
- materiality_score: 0.6
- calibrated_materiality_score: 0.6
- confidence: high
- sec_items: 2.03, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1212545/000162828025053807/0001628280-25-053807-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1212545/000162828025053807/wal-20251124.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001628280-25-053807
- JSON: https://secwatch.observer/filing/0001628280-25-053807.json
- Plain text: https://secwatch.observer/filing/0001628280-25-053807.txt

## Key facts
- Debt Financings
  WESTERN ALLIANCE BANCORPORATION incurred senior notes of $400,000,000 aggregate principal amount at 6.537% maturing November 15, 2035.
  - Instrument: senior notes
  - Principal: $400,000,000 aggregate principal amount
  - Rate: 6.537%
  - Maturity: November 15, 2035
  - Event: incurrence
  source text: On November 24, 2025, Western Alliance Bank (the “Bank”), a state member bank organized under the laws of the State of Arizona and the banking subsidiary of Western Alliance Bancorporation, a Delaware corporation (the “Company”), issued $400,000,000 aggregate principal amount of 6.537% Fixed Rate Reset Subordinated Notes due November 15, 2035 (the “Notes”).
  evidence_url: https://www.sec.gov/Archives/edgar/data/1212545/000162828025053807/0001628280-25-053807-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.