Valley National Bancorp Announces Pricing of Subordinated Notes
Valley National Bancorp (VLY)
Last valley national bancorp earnings: 4/30 08:00 am
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US:NYSE Investor Relations:
valleynationalbank.com
Company Research
Source: GlobeNewswire
NEW YORK, May 29, 2020 (GLOBE NEWSWIRE) -- Valley National Bancorp (NASDAQ:VLY) (“Valley”) announced today that it priced $115 million of its 5.25% Fixed-to-Floating Rate Notes due 2030 (the “Notes”). Interest on the Notes will accrue at a rate equal to (i) 5.25% per annum from the original issue date to, but excluding, June 15, 2025, payable semiannually in arrears, and (ii) a floating rate per annum equal to a benchmark rate, which is expected to be Three-Month Term SOFR (as defined in the Notes), plus a spread of 514 basis points from, and including, June 15, 2025, payable quarterly in arrears. The Notes are intended to qualify as Tier 2 capital for regulatory purposes. Valley intends to use the net proceeds from the offering of the Notes for general corporate purposes and investments in Valley National Bank as regulatory capital. The offering is expected to close on June 5, 2020, subject to customary closing conditions. Keefe, Bruyette & Woods, Inc., Morgan Stanley & Co. LLC a
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VLY
Earnings
- 4/25/24 - Miss
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Sec Filings
- 4/25/24 - Form 8-K
- 4/5/24 - Form S-3ASR
- 4/5/24 - Form ARS
- VLY's page on the SEC website