By James McCandless
San Antonio, Aug. 4 – WesBanco, Inc. priced a $150 million offering of $25-par series A fixed-rate reset non-cumulative perpetual preferred stock (Kroll: BBB-) with a divided of 6.75%, according to an FWP filing with the Securities and Exchange Commission.
There is no greenshoe.
Keefe, Bruyette & Woods, Inc., Morgan Stanley & Co. LLC, Raymond James & Associates, Inc., RBC Capital Markets, LLC and Wells Fargo Securities, LLC are the bookrunners.
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 655.7 basis points.
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.
| Issuer: | WesBanco, Inc.
|
| Description: | Series A fixed-rate reset non-cumulative perpetual preferred stock
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| Amount: | $150 million, or 6 million shares
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| Maturity: | Perpetual
|
| Bookrunners: | Keefe, Bruyette & Woods, Inc., Morgan Stanley & Co. LLC, Raymond James & Associates, Inc., RBC Capital Markets, LLC and Wells Fargo Securities, LLC
|
| Co-managers: | D.A. Davidson & Co. and Piper Sandler & Co.
|
| Dividend: | 6.75%; resets on Nov. 15, 2025 and every five years thereafter at the Treasury rate plus 655.7 bps
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| Price: | Par of $25.00
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| Yield: | 6.75%
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| Call: | On or after Nov. 15, 2025 at par; prior to that, within 90 days after a regulatory capital treatment event at par
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| Pricing date: | Aug. 4
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| Settlement date: | Aug. 11
|
| Rating: | Kroll: BBB-
|
| Distribution: | SEC registered
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| Listing: | Nasdaq: WSBCP
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