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WSFS Financial Corporation Announces Completion of Senior Unsecured Notes Offering
WILMINGTON, Del.--(BUSINESS WIRE)-- WSFS Financial Corporation (Nasdaq: WSFS), the parent company of WSFS Bank, today announced that it has completed the
About this update from Wsfs Financial Corporation
[{"type":"text","content":" WILMINGTON, Del.--(BUSINESS WIRE)--\nWSFS Financial Corporation (Nasdaq: WSFS), the parent company of WSFS Bank, today announced that it has completed the public offering of $200 million aggregate principal amount of its 5.375% Fixed-to-Floating Rate Senior Unsecured Notes due 2035 (the “Notes”).\n\nThe Notes will bear interest from and including December 11, 2025, to but excluding, December 15, 2030, at a fixed rate of 5.375% per annum, payable semi-annually in arrears. From December 15, 2030, 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 the Three-Month Term SOFR) plus 189 basis points, payable quarterly in arrears. WSFS intends to use the net proceeds from the offering of the Notes to repay $150 million aggregate principal amount of its outstanding Fixed-to-Floating Rate Senior Unsecured Notes due 2030 and for general corporate purposes.\n\n”We are pleased with the transaction terms which reflect the strength of our franchise, as well as our capital, liquidity, and credit profile, as evidenced by our ratings from Moody’s, Morningstar, and Kroll,” said David Burg, Executive Vice President and Chief Financial Officer.\n\nPiper Sandler, Keefe, Bruyette & Woods, A Stifel Company, and RBC Capital Markets acted as joint book-running managers in the Notes offering.\n\nThe Notes were offered pursuant to an effective registration statement (File No. 333-272862) which WSFS filed with the Securities and Exchange Commission (the “SEC”) by means of a prospectus supplement and accompanying base prospectus.\n\nCopies of the prospectus supplement and accompanying base prospectus relating to the offering of the Notes can be obtained without charge by visiting the SEC's website at www.sec.gov, or may be obtained from: Piper Sandler & Co., at 1251 Avenue of the Americas, 6th Floor, New York, New York 10020, Attn: Syndicate Operations, by email at [email protected], or by calling 1 (866) 805-4128; Keefe, Bruyette & Woods, Inc. at 787 Seventh Avenue, 4th Floor, New York, NY 10019, by email at [email protected], or by calling 1 (800) 966-1559; RBC Capital Markets, LLC by calling 1 (866) 375-6829.\n\nThis press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall ther...