Provident Financial Services, Inc. Announces Pricing of Subordinated Notes Offering
Provident Financial Services priced a $175 million offering of 6.50% Fixed-to-Floating Rate Subordinated Notes due 2036, expected to close on August 24, 2026. The company intends to use the net proceeds to repay $150 million of its 2.875% notes due 2031 and $20 million of variable rate junior subordinated notes due 2033, with the remainder for general corporate purposes.
Key figures
- Deal Value Usd
- 175000000
- Coupon rate
- 6.50%
- Maturity year
- 2036
- Refi amount 1
- 150000000
- Refi amount 2
- 20000000
- Spread over benchmark
- 239 basis points
AI analysis
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