By Lisa Kerner
Charlotte, N.C., July 2 – Western Alliance Bank, the banking subsidiary of Western Alliance Bancorp., issued $150 million of 5% fixed-to-floating rate subordinated notes due July 15, 2025.
Proceeds will be used for general corporate purposes, which may include providing capital to support the company’s growth and capital adequacy, according to a form 8-K filed with the Securities and Exchange Commission.
Interest on the notes is payable semiannually in arrears until July 15, 2020. From and including July 15, 2020, through maturity or earlier redemption, the notes will bear interest at a floating rate per annum that resets quarterly equal to Libor plus 320 basis points, payable quarterly in arrears.
The notes are intended to qualify as tier 2 capital for bank regulatory purposes.
Western Alliance may redeem the notes, in whole or in part, on or after July 15, 2020.
The notes rank junior in right of payment to all of the bank’s existing and future senior debt.
Western Alliance Bancorp. is a Las Vegas-based bank holding company.
| Issuer: | Western Alliance Bank
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| Issue: | Subordinated notes
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| Amount: | $150 million
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| Maturity: | July 15, 2025
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| Coupon: | 5% payable semiannually in arrears until July 15, 2020; from and including July 15, 2020, through maturity or earlier redemption, the notes bear interest at a floating rate per annum that resets quarterly equal to Libor plus 320 bps, payable quarterly in arrears
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| Call option: | On July 15, 2020
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| Price: | Par
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| Distribution: | Private placement
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| Settlement date: | June 29
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