By Marisa Wong and Cristal Cody
Los Angeles, Sept. 15 – Valley National Bancorp priced $150 million of 6.25% fixed-to-floating rate subordinated notes due Sept. 30, 2032 (BBB-/Kroll: BBB/DBRS: BBBH) on Thursday, according to an FWP filing with the Securities and Exchange Commission.
The coupon is fixed at 6.25% initially and will reset on Sept. 30, 2027 to a floating rate equal to SOFR plus 278 basis points.
The notes can be redeemed at par on any interest payment date starting in 2027.
Piper Sandler & Co. and Morgan Stanley & Co. LLC are bookrunners.
Investor calls were held on Monday and Tuesday for the offering, a market source noted.
Proceeds will be used to finance or refinance new or existing social or green eligible assets.
Valley National is a Wayne, N.J.-based bank holding company. Its principal subsidiary is Valley National Bank.
| Issuer: | Valley National Bancorp
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| Amount: | $150 million
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| Issue: | Fixed-to-floating rate subordinated notes
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| Maturity: | Sept. 30, 2032
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| Bookrunners: | Piper Sandler & Co. and Morgan Stanley & Co. LLC
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| Co-manager: | R. Seelaus & Co., LLC
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| Trustee: | U.S. Bank Trust Co., NA
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| Counsel to issuer: | Day Pitney LLP
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| Counsel to underwriters: | Covington & Burling LLP
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| Coupon: | Fixed at 6.25% initially; resets on Sept. 30, 2027 to SOFR plus 278 bps
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| Price: | Par
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| Call option: | At par on any interest payment date starting Sept. 30, 2027
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| Trade date: | Sept. 15
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| Settlement date: | Sept. 20
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| Ratings: | S&P: BBB-
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| Kroll: BBB
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| DBRS: BBBH
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| Cusip: | 919794AG2
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