Loan & DebtMay 11, 2026, 05:43 PM
Valley National Bancorp Prices $500M Subordinated Notes
AI Summary
Valley National Bancorp announced the pricing of $500 million of its 6.219% Fixed-to-Floating Rate Subordinated Notes due 2036. These notes are designed to qualify as Tier 2 capital for regulatory purposes. The company intends to use the net proceeds to redeem its existing 3.00% fixed-to-floating rate subordinated notes due June 15, 2031, and for general corporate purposes. The offering is anticipated to close on May 14, 2026.
Key Highlights
- Valley National Bancorp priced $500 million of Fixed-to-Floating Rate Subordinated Notes due 2036.
- Notes will accrue interest at 6.219% per annum from issue date to June 1, 2031.
- After June 1, 2031, interest will be Three-Month Term SOFR plus 243 basis points.
- The Notes are intended to qualify as Tier 2 capital for regulatory purposes.
- Proceeds will be used to redeem Valley's 3.00% subordinated notes due June 15, 2031.
- The offering is expected to close on May 14, 2026.
Price Impact
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