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Valley National offers 10-year fixed-to-floating subordinated notes
By James McCandless
San Antonio, May 29 – Valley National Bancorp plans to price $1,000-par fixed-to-floating rate subordinated notes due 2030, according to a 424B2 filing with the Securities and Exchange Commission.
Keefe, Bruyette & Woods, Inc., Morgan Stanley & Co. LLC and Piper Sandler & Co. are the bookrunners.
The coupon is fixed for five years, then converts to a floating rate of the three-month SOFR plus a spread.
Coupons are payable semiannually during the initial fixed-rate period and convert to quarterly payments thereafter.
The notes are redeemable after five years at par. Prior to that, the notes are redeemable after a tax event, tier 2 capital event, or if the company is required to register as an investment company.
Valley National plans to use the proceeds for general corporate purposes and investments in the bank as regulatory capital.
The company does not plan to list the notes on any securities exchange.
Valley National is a New York-based bank holding company.
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