Wesbanco Announces Pricing of $150 Million Offering of Non-Cumulative Perpetual Preferred Stock Depositary Shares

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[{"type":"text","content":"WHEELING, W. Va., Aug. 4, 2020 /PRNewswire/ -- Wesbanco, Inc. (Nasdaq/NGS: WSBC) (\"Wesbanco\") today announced that it has priced an underwritten public offering of 6,000,000 depositary shares (the \"depositary shares\") each representing a 1/40th interest in a share of 6.75% Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series A, with a liquidation preference of $1,000 per share (equivalent to $25 per depositary share). \n\n \n \n \n \n \n \n\n \nWhen, as and if declared by the board of directors of Wesbanco or a duly authorized committee of the board, dividends will accrue and be payable quarterly, in arrears, (i) from August 11, 2020 to, but excluding, November 15, 2025, at a rate equal to 6.75% per annum, in arrears on each February 15, May 15, August 15 and November 15, commencing November 15, 2020, and (ii) from and including November 15, 2025, during each reset period, at a rate per annum equal to the five-year treasury rate as of the most recent reset dividend determination date plus 6.557% in arrears on each of February 15, May 15, August 15 and November 15 of each year, beginning on November 15, 2025, except in each case where such day is not a business day. Wesbanco may, at its option, redeem the Series A preferred stock on any dividend payment date on or after November 15, 2025, or following a regulatory capital treatment event as described in the prospectus supplement and accompanying prospectus relating to the offering, in each case at a redemption price equal to $1,000 per share of Series A preferred stock (equivalent to $25 per depositary share), plus any declared and unpaid dividends, without accumulation of any undeclared dividends to, but excluding, the redemption date. Wesbanco intends to apply to list the depositary shares on The Nasdaq Global Select Market under the symbol \"WSBCP.\"\nKeefe, Bruyette & Woods, A Stifel Company, Morgan Stanley, Raymond James, RBC Capital Markets and Wells Fargo Securities are acting as joint book-running managers. D.A. Davidson & Co. and Piper Sandler are acting as co-managers. \nWesbanco expects to use the net proceeds from the sale of the depositary shares for general corporate purposes, which may include repayment, redemption or refinancing of indebtedness, capital expenditures, making contributions to the capital of Wesbanco Bank to support its lending, inve...

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