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Valley National Bancorp Announces Pricing of Subordinated Notes
Proceeds To Be Used to Finance Eligible Social and Green Assets NEW YORK, Sept. 15, 2022 (GLOBE NEWSWIRE) -- Valley National Bancorp (NASDAQ:VLY) (“Valley”)
About this update from Valley National Bancorp
[{"type":"text","content":"Proceeds To Be Used to Finance Eligible Social and Green Assets\nNEW YORK, Sept. 15, 2022 (GLOBE NEWSWIRE) -- Valley National Bancorp (NASDAQ:VLY) (“Valley”) announced today that it priced $150 million of its 6.25% Fixed-to-Floating Rate Notes due 2032 (the “Notes”). Interest on the Notes will accrue at a rate equal to (i) 6.25% per annum from the original issue date to, but excluding, September 30, 2027, 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 278 basis points from, and including, September 30, 2027, payable quarterly in arrears. The Notes are intended to qualify as Tier 2 capital for regulatory purposes. Valley intends to use an amount equal to the net proceeds from this offering to finance or re-finance, in part or in full, new and/or existing social and/or green assets, as set forth in its Sustainable Financing Framework. The offering is expected to close on September 20, 2022, subject to customary closing conditions. Piper Sandler & Co. and Morgan Stanley & Co. LLC are acting as joint book-running managers for the Notes offering, with R. Seelaus & Co., LLC acting as co-manager. The offering of the Notes is being made pursuant to an effective shelf registration statement (File No. 333-254696) (including base prospectus), a preliminary prospectus supplement filed with the Securities and Exchange Commission (the “SEC”) on September 15, 2022, and a final prospectus supplement to be filed with the SEC. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the Notes in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. Copies of the preliminary prospectus supplement and accompanying base prospectus relating to the Notes offering can be obtained without charge by visiting the SEC’s website at www.sec.gov, or may be obtained by emailing Piper Sandler & Co. at [email protected] or by calling Morgan Stanley & Co. LLC toll free at 866-718-1649. About Valley As the principal subsidiary of Valley National Bancorp, Valley National Bank is a regional bank with approximately $54 billion in asse...