By Cristal Cody
Tupelo, Miss., Dec. 3 – WSFS Financial Corp. sold $150 million of 2.75% fixed-to-floating rate senior notes due Dec. 15, 2030 (Kroll: A-) on Thursday at par to yield a spread of 184 basis points over Treasuries, according to an FWP filed with the Securities and Exchange Commission.
The fixed rate on the notes will reset Dec. 15, 2025 to floating rate of SOFR plus 248.5 bps.
Piper Sandler Co. and Keefe, Bruyette & Woods were the bookrunners.
Proceeds will be used for general corporate purposes.
WSFS is a Wilmington, Del.-based savings and loan holding company.
| Issuer: | WSFS Financial Corp.
|
| Amount: | $150 million
|
| Description: | Fixed-to-floating rate senior notes
|
| Maturity: | Dec. 15, 2030
|
| Bookrunners: | Piper Sandler Co. and Keefe, Bruyette & Woods
|
| Co-manager: | Boenning & Scattergood, Inc.
|
| Coupon: | 2.75%; resets Dec. 15, 2025 to floating rate of SOFR plus 248.5 bps
|
| Price: | Par
|
| Yield: | 2.75%
|
| Spread: | Treasuries plus 184 bps
|
| Call features: | Dec. 15, 2025 and any scheduled interest payment date thereafter at par
|
| Trade date: | Dec. 3
|
| Settlement date: | Dec. 8
|
| Rating: | Kroll: A-
|
| Distribution: | SEC registered
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