Valley National gets OK to raise $125 million, redeem trust preferreds

By Angela McDaniels

Tacoma, Wash., Aug. 29 - Valley National Bancorp received regulatory approval to issue up to $125 million of subordinated debt and to redeem all of VNB Capital Trust I's 7.75% trust preferred securities due 2031, according to a company news release.

The amount of trust preferreds outstanding is $127.3 million.

In connection with the redemption, Valley will also redeem the related outstanding junior subordinated debentures issued by the holding company.

Valley expects to deliver a notice of redemption within the next 60 days.

The trust preferreds closed at $25.29 (NYSE: VLYPA) on Thursday.

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

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