Valley National Bancorp Announces Pricing of Series C Preferred Stock Offering

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[{"type":"text","content":"NEW YORK, July 29, 2024 (GLOBE NEWSWIRE) -- Valley National Bancorp (“Valley”) (NASDAQ: VLY), the holding company for Valley National Bank, today announced the pricing of a public offering of 6,000,000 shares of its 8.250% Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series C (the “Preferred Stock”), for gross proceeds of $150 million. Each share of the Preferred Stock will be issued at a public offering price of $25 per share and has a liquidation preference of $25 per share. Dividends on the Preferred Stock will accrue and be payable quarterly in arrears, at a fixed rate per annum equal to 8.250% from the date of original issue to, but excluding September 30, 2029, and thereafter at a rate per annum equal to the five-year U.S. treasury rate (as defined in the preliminary prospectus supplement relating to the offering) as of the most recent dividend payment date (as defined in the preliminary prospectus supplement) plus 4.182%. In addition, Valley has granted the underwriters a 30-day option to purchase up to an additional 900,000 shares of Preferred Stock at the public offering price, less underwriting discounts and commissions, solely to cover over-allotments, if any. Valley intends to list the shares of Preferred Stock on the Nasdaq Global Select Market. Subject to listing approval, Valley anticipates trading of the Preferred Stock on the Nasdaq Global to commence within 30 days after the shares of Preferred Stock are first issued. The offering is expected to close on August 5, 2024, subject to the satisfaction of customary closing conditions. Valley intends to use the net proceeds from this offering for general corporate purposes and investments in Valley National Bank as regulatory capital. Morgan Stanley, BofA Securities, J.P. Morgan, UBS Investment Bank, Wells Fargo Securities and Keefe, Bruyette & Woods, A Stifel Company, are acting as joint book-running managers for the Preferred Stock offering. Wachtell, Lipton, Rosen & Katz is serving as legal counsel to Valley. The Preferred Stock will be issued pursuant to an effective shelf registration statement (File No. 333-278527) (including base prospectus) and a preliminary prospectus supplement filed with the Securities and Exchange Commission (the “SEC”), and a final prospectus supplement to be filed with the SEC. Copies of the preliminary prospectus suppleme...

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