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Valley National calls $127.3 million preferreds, $131.3 million debt
By Tali David
Minneapolis, Sept. 27 - Valley National Bancorp plans to redeem all $127.3 million of its 7¾% trust-preferred securities issued by VNB Capital Trust I, according to a press release.
The preferreds, which are due Dec. 15, 2031, will be redeemed on Oct. 25.
Valley National also said it plans to use the proceeds of a new debenture offering to redeem the $131.3 million outstanding aggregate principal amount of 7¾% junior subordinated debentures issued to the Capital Trust. These debentures will also be redeemed on Oct. 25.
Valley National is a Wayne, N.J.-based regional bank holding company.
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