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WSFS Financial Corporation Announces Pricing of Senior Notes Offering
WILMINGTON, Del., Dec. 04, 2020 (GLOBE NEWSWIRE) -- WSFS Financial Corporation (Nasdaq:WSFS), the parent company of WSFS Bank, today announced the pricing of
About this update from Wsfs Financial Corporation
[{"type":"text","content":" WILMINGTON, Del., Dec. 04, 2020 (GLOBE NEWSWIRE) -- WSFS Financial Corporation (Nasdaq:WSFS), the parent company of WSFS Bank, today announced the pricing of its underwritten public offering of $150,000,000 million aggregate principal amount of Fixed-to-Floating Rate Senior Notes due 2030 (the \"Notes\"). 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 and including 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 face amount. WSFS Financial Corporation expects to use the net proceeds from the sale of the Notes for general corporate purposes including, but not limited to, financing organic growth, acquisitions, repurchases of common stock, and redemption of outstanding indebtedness. The offering is expected to close on or about December 8, 2020, subject to customary closing conditions. Piper Sandler & Co. and Keefe, Bruyette & Woods, A Stifel Company, are acting as joint book-running managers for the Notes offering. Boenning & Scattergood, Inc. is acting as co-manager in the Notes offering. The Notes are being 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 preliminary prospectus supplement to the base prospectus with the SEC for the Notes to which this communication relates, and will file a final prospectus supplement relating to the Notes with the SEC. Prospective investors should read the prospectus supplement and base prospectus in the registration statement and other documents WSFS has filed or will file with the SEC for more complete information about WSFS and the offering. Copies of the preliminary 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 S...