Valley National calls $127.3 million 7.75% trust preferred securities

By Toni Weeks

San Luis Obispo, Calif., Sept. 24 - Valley National Bancorp said it will redeem its $127.3 million principal amount of 7.75% trust preferred securities due Dec. 15, 2031 issued by its subsidiary, VNB Capital Trust I.

The trust preferreds closed at $25.48 (NYSE: VLYPRA) on Monday.

As previously reported, Valley National previously redeemed $72.7 million of the original $200 million of 7.75% trust preferred securities.

In connection with the redemption, Valley National will also redeem the related outstanding $131.3 million of junior subordinated debentures issued by the holding company using proceeds from its current public offering of subordinated debentures together with other available funds.

Keefe, Bruyette & Woods, Sandler O'Neill + Partners, LP and Deutsche Bank Securities Inc. are the joint bookrunning managers for the notes offering.

Wayne, N.J.-based Valley National Bancorp is a regional bank holding company for Valley National Bank.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.