Valley National’s 5.5% fixed-to-floating preferreds list on NYSE

By Stephanie N. Rotondo

Seattle, Aug. 11 – Valley National Bancorp’s $100 million of 5.5% fixed-to-floating rate series B noncumulative preferred stock began trading on the New York Stock Exchange on Friday.

The ticker symbol is “VLYPrB.”

The deal priced on July 27, coming in line with price talk and upsized from $75 million.

Upon pricing, the company added a fixed-to-floating rate feature to the deal, which was not included in the original announcement.

Keefe Bruyette & Woods Inc. is the bookrunner.

The dividend rate will be fixed until Sept. 30, 2022, at which time it will float at Libor plus 357.8 basis points.

The preferreds become redeemable on Sept. 30, 2022, or in whole within 90 days of a regulatory capital treatment event. In either case, the redemption price is par plus accrued dividends.

The Wayne, N.J.-based bank holding company intends to use the proceeds for general corporate purposes and for investments in Valley National Bank as regulatory capital.

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