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WSFS Financial Corporation Announces Closing of Senior Notes Offering
Historically low initial coupon of 2.75% by a Kroll only rated senior debt WILMINGTON, Del., Dec. 08, 2020 (GLOBE NEWSWIRE) -- WSFS Financial Corporation
About this update from Wsfs Financial Corporation
[{"type":"text","content":"Historically low initial coupon of 2.75% by a Kroll only rated senior debt\nWILMINGTON, Del., Dec. 08, 2020 (GLOBE NEWSWIRE) -- WSFS Financial Corporation (Nasdaq: WSFS), the parent company of WSFS Bank, today announced that it has closed the public offering of $150 million aggregate principal amount of Fixed-to-Floating Rate Senior Notes due 2030 (the “Notes”), which was priced on December 3, 2020. The initial fixed interest rate of 2.75% is the lowest coupon obtained by a Kroll only rated senior debt issuance. The Notes will bear interest from and including December 8, 2020 to but excluding December 15, 2025, at a fixed rate of 2.75% per annum, payable semi-annually in arrears. From December 15, 2025 to but excluding the maturity date or earlier redemption date, the interest rate will reset quarterly at an annual floating rate equal to a benchmark rate (which is expected to be Three-Month Term SOFR (as defined in the Notes)) plus 248.5 basis points, payable quarterly in arrears. The Notes were offered to the public at 100% of their principal amount. WSFS intends to use the net proceeds for general corporate purposes including, but not limited to, financing organic growth, acquisitions, repurchases of common stock, and redemption of outstanding indebtedness. “Our A- Kroll senior debt rating for the past 5 years, along with the strong demand and historically low coupon demonstrates the strength of our franchise and our investors’ support for our vision, strategy and growth potential,” said Dominic C. Canuso, Executive Vice President and Chief Financial Officer. “We continue to be excited about the opportunities ahead and we are well positioned as the largest locally headquartered community bank in Delaware and the Greater Philadelphia region to continue to play a meaningful role in the region’s economic recovery.” Piper Sandler & Co. and Keefe, Bruyette & Woods, A Stifel Company, acted as joint book-running managers and Boenning & Scattergood, Inc. acted as co-manager in the Notes offering. The Notes were offered pursuant to an effective registration statement (File No. 333-235572) which WSFS filed with the Securities and Exchange Commission (the “SEC”) and only by means of a prospectus supplement and accompanying base prospectus. WSFS has filed a final prospectus supplement to the base prospectus with the SEC for the Notes to w...