WesBanco offers $25-par fixed-rate reset non-cumulative preferreds

By James McCandless

San Antonio, Aug. 4 – WesBanco, Inc. plans to price an offering of $25-par series A fixed-rate reset non-cumulative perpetual preferred stock, according to a 424B5 filing with the Securities and Exchange Commission.

Keefe, Bruyette & Woods, Inc., Morgan Stanley & Co. LLC, Raymond James & Associates, Inc., RBC Capital Markets, LLC and Wells Fargo Securities, LLC are the bookrunners.

The co-managers are D.A. Davidson & Co. and Piper Sandler & Co.

Dividends are payable on Feb. 15, May 15, Aug. 15 and Nov. 15, starting on Nov. 15, 2020.

On Nov. 15, 2025 and every five years thereafter, the dividend resets to the Treasury rate plus a spread.

The preferreds are redeemable on or after Nov. 15, 2025 at par. Prior to that, the preferreds are redeemable within 90 days after a regulatory capital treatment event at par.

WesBanco plans to use the proceeds for general corporate purposes.

The company plans to list the preferreds on the Nasdaq under the symbol “WSBCP.”

WesBanco is a Wheeling, W.Va.-based bank holding company.

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