By Aleesia Forni
Virginia Beach, Sept. 25 - Valley National Bancorp priced $125 million 5.125% 10-year subordinated debentures on Tuesday at 99.752 to yield 5.157%, according to an FWP filing with the Securities and Exchange Commission.
Keefe Bruyette & Woods, Sandler O'Neill and Partners LP and Deutsche Bank Securities Inc. were the joint bookrunners.
The company plans to use the proceeds to redeem its $131.3 million outstanding 7¾% junior subordinated debentures issued to VNB Capital Trust I.
Valley National Bancorp is a bank holding company based in Wayne, N.J. Its principal subsidiary is Valley National Bank.
| Issuer: | Valley National Bancorp
|
| Amount: | $125 million
|
| Proceeds: | $124,065,000
|
| Description: | Subordinated debentures
|
| Maturity: | Sept. 27, 2023
|
| Bookrunners: | Keefe Bruyette & Woods, Sandler O'Neill and Partners LP, Deutsche Bank Securities Inc.
|
| Coupon: | 5.125%
|
| Price: | 99.752
|
| Yield: | 5.157%
|
| Trade date: | Sept. 24
|
| Settlement date: | Sept. 27
|
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