By Wendy Van Sickle
Columbus, Ohio, March 18 – WesBanco, Inc. priced a $150 million offering of 3.75% 10-year fixed-to-floating rate subordinated notes (Kroll: BBB) at par on Friday, according to an FWP filing with the Securities and Exchange Commission.
Interest is fixed until April 1, 2027 and then floats at term SOFR plus 178.7 basis points.
Keefe, Bruyette & Woods, Inc. is the lead bookrunner with RBC Capital Markets, LLC as active bookrunner.
The notes are redeemable on or after April 1, 2027 at par.
The issuer plans to use the proceeds for general corporate purposes.
WesBanco is a Wheeling, W.Va.-based bank holding company.
| Issuer: | WesBanco, Inc.
|
| Amount: | $150 million
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| Issue: | Series A fixed-to-floating rate subordinated notes
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| Maturity: | April 1, 2032
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| Bookrunners: | Keefe, Bruyette & Woods, Inc. (lead) and RBC Capital Markets, LLC (active)
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| Co-manager: | D.A. Davidson & Co.
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| Coupon: | 3.75, until April 1, 2027 and then floats at term SOFR plus 178.7 bps
|
| Price: | Par
|
| Call: | On or after April 1, 2027 at par
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| Pricing date: | March 18
|
| Settlement date: | March 23
|
| Rating: | Kroll: BBB
|
| Distribution: | SEC registered
|
| Cusip: | 950810AA9
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