By Taylor Fox
New York, Feb. 1 – Washington Federal, Inc. issued $300 million depositary shares of 4.875% fixed-rate non-cumulative perpetual preferred stock, series A (Baa3), according to a 424B5 filing with the Securities and Exchange Commission.
The preferreds have a liquidation preference of $25 per depositary share.
Dividends will be payable quarterly on the 15th of each January, April, July and October of each year beginning April 15.
The preferreds may be redeemed in whole or in part on or after April 15, 2026 or in whole at any time within 90 days following a regulatory capital treatment event at par plus dividends.
Washington Federal will apply to list the shares on the Nasdaq Global Select Market under the symbol “WAFDP.”
Morgan Stanley & Co. LLC, BofA Securities Inc., UBS Securities LLC and Wells Fargo Securities, LLC are the joint book-running managers.
Goldman Sachs & Co. LLC is the joint lead manager.
Proceeds will be used for general corporate purposes.
Seattle-based Washington Federal is the holding company for Washington Federal Savings, a savings and loan company.
| Issuer: | Washington Federal, Inc.
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| Issue: | Fixed-rate non-cumulative perpetual preferred stock, series A
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| Amount: | $300 million, or 12 million shares
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| Maturity: | Perpetual
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| Bookrunners: | Morgan Stanley & Co. LLC, BofA Securities Inc., UBS Securities LLC and Wells Fargo Securities, LLC
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| Joint lead manager: | Goldman Sachs & Co. LLC
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| Co-manager: | Keefe, Bruyette & Woods, Inc.
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| Coupon: | 4.875%
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| Price: | Par of $25.00
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| Issue date: | Feb. 1
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| Settlement date: | Feb. 8
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| Rating: | Moody’s: Baa3
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| Listing: | Nasdaq: WAFDP
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| Distribution: | SEC registered
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