Valley National Bancorp plans to sell noncumulative preferred stock; price talk 5.5%

By Stephanie N. Rotondo

Seattle, July 26 – Valley National Bancorp is selling series B noncumulative perpetual preferred stock, according to a prospectus filed with the Securities and Exchange Commission on Wednesday.

Price talk is 5.5%, a market source reported.

Keefe Bruyette & Woods Inc. is the bookrunner. Hovde Group LLC is the co-manager.

The preferreds become redeemable in 2022, or in whole within 90 days of a regulatory capital treatment event. In either case, the redemption price is par plus accrued dividends.

The new securities will be listed on the New York Stock Exchange.

The Wayne, N.J.-based bank holding company intends to use the proceeds for general corporate purposes and for investments in Valley National Bank as regulatory capital.

© 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.