WAYNE, N.J., Sept. 24, 2013 /PRNewswire/ -- Valley National Bancorp ("Valley") (NYSE: VLY) today announced that it has set the price for the public offering of $125 million of its 5.125% Subordinated Debentures due September 27, 2023 (the "Notes"). Valley intends to use the net proceeds from this offering together with other available funds to redeem its $131.3 million outstanding aggregate principal amount of 7 ¾% Junior Subordinated Debentures (the "Debentures") issued to VNB Capital Trust I (the "Capital Trust"). At the Debentures' redemption date, the Capital Trust will simultaneously redeem all of its $127.3 million aggregate principal amount of 7 ¾% trust preferred securities (publicly traded under the ticker symbol "VLYPRA" on the New York Stock Exchange), as well as all of the outstanding common securities of the Capital Trust.
Keefe, Bruyette & Woods, A Stifel Company, Sandler O'Neill + Partners, L.P. and Deutsche Bank Securities Inc. are acting as joint book-running managers for the Notes offering.
The Notes will be issued pursuant to an effective shelf registration statement (File No. 333-191168) (including base prospectus) and preliminary prospectus supplement previously filed with the Securities and Exchange Commission (the "SEC"). A final prospectus supplement relating to the offering of the Notes has also been filed with the SEC. Copies of the final prospectus supplement, preliminary prospectus supplement and accompanying base prospectus relating to the offering can be obtained without charge by visiting the SEC's website at www.sec.gov, or may be obtained from: Keefe, Bruyette & Woods, A Stifel Company, 787 Seventh Ave., 4 th Floor, New York, New York 10019, Attention: Equity Capital Markets, 1-800-966-1559; Sandler O'Neill + Partners, L.P., 1251 Avenue of the Americas, 6 th Floor, New York, New York 10020, Attn: Syndicate Operations, Telephone Number: 1-866-805-4128; and Deutsche Bank Securities Inc., 60 Wall Street, New York, New York 10005, Attn: Prospectus Group, 1-800-503-4611.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the Notes in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. Any offering of the Notes is being made only by means of a written prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV