Preferred Stock OfferingsBy Preferred Stock Channel Staff, updated Sun, August 14, 9:55 PM
|This Slide: #328 of 582|
Slide #328. Valley National Bancorp — Preferred Stock Offering
Valley National Bancorp (NASDAQ:VLY)
Date of Pricing:
Price Per Share:
Preferred Stock Offering Details:
Valley National Bancorp ("Valley") (NYSE: VLY) today announced that it has commenced public offerings of its subordinated debentures (the "Notes") and non-cumulative perpetual preferred stock (the "Preferred Stock"). - udpated 6/17 - Valley National Bancorp ("Valley") (NYSE: VLY) today announced that it priced $100 million of its Subordinated Debentures due June 30, 2025 (the "Notes") and 4,600,000 shares of its Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series A (the "Preferred Stock"). The Notes have a fixed interest rate of 4.55% per annum, payable semi-annually, a 10 year term and were issued at a discount of 0.042% to par. The Preferred Stock will be issued at a public offering price of $25.00 per share. Dividends on the Preferred Stock will accrue and be payable quarterly in arrears, at a fixed rate per annum equal to 6.25% from the original issue date to, but excluding, June 30, 2025, and thereafter at a floating rate per annum equal to three-month LIBOR plus a spread of 3.85%.
Valley National Bancorp is a bank holding company. Through its subsidiary, Valley National Bank (the Bank), Co. provides a suite of banking solutions through various commercial, retail, insurance and wealth management financial services products. The Bank provides a range of banking services including account management services, online and mobile banking, drive-in and night deposit services, telephone banking, automated teller machines, remote deposit capture, and safe deposit facilities. In addition, certain international banking services are available to customers, including standby letters of credit, documentary letters of credit and related products, and certain ancillary services.
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Buy (3.14 out of 4)
(ranked lower than approx. 67% of all stocks covered)
Based on data provided by Zacks Investment Research via Quandl.com