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OceanFirst Financial Corp. Announces Pricing of Subordinated Notes Offering
RED BANK, N.J., Oct. 27, 2025 (GLOBE NEWSWIRE) -- OceanFirst Financial Corp. (Nasdaq: “OCFC”) (the “Company”), the holding company for OceanFirst Bank N.A.
About this update from Oceanfirst Financial Corp.
[{"type":"text","content":"RED BANK, N.J., Oct. 27, 2025 (GLOBE NEWSWIRE) -- OceanFirst Financial Corp. (Nasdaq: “OCFC”) (the “Company”), the holding company for OceanFirst Bank N.A. (the “Bank”), today announced the pricing of a public offering of $185.0 million aggregate principal amount of 6.375% Fixed-to-Floating Rate Subordinated Notes due 2035 (the “Notes”). Interest on the Notes will accrue at a rate equal to (i) 6.375% per annum from the original issue date to, but excluding, November 15, 2030, 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 307.5 basis points from, and including, February 15, 2031, payable quarterly in arrears. The Notes are intended to qualify as Tier 2 capital for regulatory purposes. This offering is expected to close on October 29, 2025, subject to the satisfaction of customary closing conditions. Piper Sandler & Co. and Keefe, Bruyette & Woods, A Stifel Company are acting as joint book-running managers for the offering. Luse Gorman, PC is acting as legal counsel to the Company and Freshfields US LLP is acting as legal counsel to the underwriters. The Company estimates that the net proceeds of the offering will be approximately $181.9 million, after deducting underwriting discounts and estimated offering expenses payable by the Company. The Company intends to use the net proceeds to repay existing indebtedness, including the redemption in full of the Company’s 5.25% Fixed-to-Floating Rate Subordinated Notes due May 15, 2030, to support growth initiatives at the Company’s subsidiaries and for general corporate purposes. This press release is neither an offer to sell nor a solicitation of an offer to purchase any securities of the Company. There will be no sale of securities in any jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. Any offer to sell or solicitation of an offer to purchase securities of the Company will be made only pursuant to a prospectus supplement and prospectus filed with the Securities and Exchange Commission (the “SEC”). The Company has filed a registration statement (including a prospectus) (File No. 333-282711) and a preliminary prospectus supplement with...