By Cristal Cody
Chicago, June 3 – Western Alliance Bancorporation sold an upsized offering for $600 million of subordinated fixed-to-floating-rate notes with a 3% start rate, according to a market source on Thursday.
The notes, due June 15, 2031, had been talked for an initial coupon of 3.25% and with a $500 million deal size.
The notes priced with a spread of Treasuries plus 137 basis points.
They will reset after five years to SOFR plus 225 bps.
The notes are callable in whole or in part after five years and on every interest payment date thereafter, and in whole but not in part upon the occurrence of a tax event, based on details in a 424B5 filing with the Securities and Exchange Commission.
Piper Sandler & Co. and J.P. Morgan Securities LLC are the joint bookrunning managers, and Wells Fargo Securities LLC, RBC Capital Markets LLC, Jefferies LLC and Wedbush Securities Inc. are the co-managers of the notes offering.
The proceeds will be used for general corporate purposes, including refinancing debt, redeeming securities, funding investments or acquisitions and funding working capital.
The notes will not be listed on any securities exchanges.
Western Alliance is a Phoenix-based bank holding company.
| Issuer: | Western Alliance Bancorporation
|
| Issue: | Subordinated fixed-to-floating-rate notes
|
| Amount: | $600 million
|
| Maturity: | June 15, 2031
|
| Bookrunners: | Piper Sandler & Co. and J.P. Morgan Securities LLC
|
| Co-managers: | Wells Fargo Securities LLC, RBC Capital Markets LLC, Jefferies LLC and Wedbush Securities Inc.
|
| Coupon: | 3% starting rate; resets after five years to SOFR plus 225 bps
|
| Spread: | Treasuries plus 137 bps
|
| Call features: | Callable after five years and on every interest payment date thereafter
|
| Trade date: | June 3
|
| Distribution: | SEC registered
|
| Price talk: | 3.25% coupon; size of $500 million
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
