Press Release
May 28, 2021

Holland & Knight Represents Underwriters in $300 Million Subordinated Debt Offering by Valley National Bancorp

WASHINGTON (May 28, 2021) – Holland & Knight advised Piper Sandler & Co. and BofA Securities, Inc. as joint book-running managers in the offering of $300 million of 3% fixed-to-floating rate notes due 2031 by Valley National Bancorp (NASDAQ:VLY). The offering closed on May 28.

Interest on the notes will accrue at a rate equal to (i) 3% per annum from the original issue date to, but excluding, June 15, 2026, payable semiannually in arrears, and (ii) a floating rate per annum equal to a benchmark rate, which is expected to be three-month term SOFR (as defined in the notes), plus a spread of 236 basis points from, and including, June 15, 2026, payable quarterly in arrears. The notes are intended to qualify as Tier 2 capital for regulatory purposes.

Valley National Bancorp operates Valley National Bank, a regional bank with approximately $41 billion in assets and locations in New Jersey, New York, Florida and Alabama. Valley intends to use the net proceeds from the offering for general corporate purposes and investments in Valley National Bank as regulatory capital.

Holland & Knight Partners Paul Aguggia, Kevin Houlihan, and Mark Goldschmidt led the firm's representation of Piper Sandler Co. and BofA Securities, Inc. They were supported by Associates Amelia Occhino, Pippa Balestrieri and Laura Nickerson.

More information about the transaction can be found here.

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