Valley National talks $90 million subordinated notes due 2025 at Treasuries 225 bps area

By Aleesia Forni

Virginia Beach, June 16 – Valley National Bancorp plans to price $90 million of subordinated debentures (/BBB/BBB) due 2025 on Tuesday, according to a market source and a 424B2 filing with the Securities and Exchange Commission.

The notes are talked in the Treasuries plus 225 basis points area.

Sandler O'Neill and Partners LP, Keefe Bruyette & Woods and Deutsche Bank Securities Inc. were the joint bookrunners.

The company plans to use the proceeds to pay related fees and expenses and for general corporate purposes, potential strategic acquisitions and investments in the bank as regulatory capital.

Valley National is also in Tuesday’s market with a sale of noncumulative preferred stock.

Valley National Bancorp is a bank holding company based in Wayne, N.J. Its principal subsidiary is Valley National Bank.

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