Western Alliance plans $100 million offering of $25-par subordinated debentures due 2056

By Stephanie N. Rotondo

Seattle, June 9 – Western Alliance Bancorporation announced an offering of at least $100 million $25-par subordinated debentures due July 1, 2056 (expected ratings: BBB-Kroll/BBB-Egan-Jones) in a prospectus filed with the Securities and Exchange Commission on Thursday.

Price talk is in a 6.25% area, a market source reported.

Morgan Stanley & Co. LLC and Wells Fargo Securities LLC are the joint bookrunners.

Interest is payable on the first day of January, April, July and October, beginning Oct. 1. The debentures become redeemable on or after July 1, 2021 at par plus accrued interest.

The debentures also become redeemable, in whole, upon a tax or regulatory capital treatment event, or if the company is required to register as an investment company under the Investment Company Act of 1940.

The debentures will be listed on the New York Stock Exchange under the ticker symbol “WAL-A.”

Proceeds will be used for general corporate purposes.

Western Alliance is a Phoenix-based bank holding company.

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