Valley National Bancorp Announces Pricing of Subordinated Notes
NEW YORK, May 25, 2021 (GLOBE NEWSWIRE) -- Valley National Bancorp (NASDAQ:VLY) (Valley) announced today that it priced $300 million of its 3.00% Fixed-to-Floating Rate Notes due 2031 (the Notes). Interest on the Notes will accrue at a rate equal to (i) 3.00% per annum from the original issue date to, but excluding, June 15, 2026, payable semiannually in arrears, and (ii) a floating rate per annum equal to a benchmark rate, which is expected to be Three-Month Term SOFR (as defined in the Notes), plus a spread of 236 basis points from, and including, June 15, 2026, payable quarterly in arrears. The Notes are intended to qualify as Tier 2 capital for regulatory purposes.
Valley National Bancorp Announces Pricing of Subordinated Notes
NEW YORK, May 25, 2021 (GLOBE NEWSWIRE) -- Valley National Bancorp (NASDAQ:VLY) (Valley) announced today that it priced $300 million of its 3.00% Fixed-to-Floating Rate Notes due 2031 (the Notes). Interest on the Notes will accrue at a rate equal to (i) 3.00% per annum from the original issue date to, but excluding, June 15, 2026, payable semiannually in arrears, and (ii) a floating rate per annum equal to a benchmark rate, which is expected to be Three-Month Term SOFR (as defined in the Notes), plus a spread of 236 basis points from, and including, June 15, 2026, payable quarterly in arrears. The Notes are intended to qualify as Tier 2 capital for regulatory purposes.