Valley National Bancorp Closes Issuance and Sale of $150M Sustainable Subordinated Notes
On September 20, 2022, Valley National Bancorp completed the issuance and sale of $150,000,000 aggregate principal amount of 6.25% fixed-to-floating rate subordinated notes due 2032. The notes were sold pursuant to a shelf registration statement on Form S-3 and a prospectus supplement dated September 15, 2022 filed with the Securities and Exchange Commission.
As described in the prospectus supplement, an amount equal to the net proceeds from the offering are intended to be used to finance or re-finance, in part or in full, new and/or existing ESG projects, including social and/or green assets, as set forth in Valley's Sustainable Financing Framework.
Day Pitney served as legal counsel to Valley in connection with the offering. The team, led by Scott Warren Goodman and Gretchen E. Blauvelt-Marquez, included Ellen S. Knarr, Trevor G. Korb, Alexis C. Coudert, Matthew J. Carey and Nicholas A. Thomas.
Valley issued a press release announcing the pricing of the offering and filed a Form 8-K announcing the closing of the offering.
Recommended
Corporate Department and Family Office Chair R. Scott Beach recent authored an article that appeared in Wealth Management’s Mid-Year Outlook for 2024, which focused on Compensation and Governance within Family Offices.
Day Pitney Managing Partner Greg Hayes is featured in Law.com Pro's Mid-Market article "Midsize Law Firms Are Following the Money into New Markets."
Day Pitney Data Privacy, Protection and Litigation practice co-chair William Roberts authored the article "A Privacy Plan For Your Family Office" for Family Wealth Report's Post Summit Report: Family Office Cybersecurity and AI Summit. Roberts was a speaker at the June 4 event.
Day Pitney Energy Attorneys Eric Runge and Margaret Czepiel provided insights into a recent landmark FERC on an episode of the American Bar Association's Environmental Law Explored podcast hosted by Liz Bogle.
Day Pitney Litigation department vice chair Mark Salah Morgan authored the article "Direct-to-Consumer Sports Broadcasting Is More Sustainable" for Sports Business Journal.
The arrival of Tax Partner Ryan Leichsenring was featured in Law360 Pulse article "Day Pitney Adds Tax Partner From Robinson & Cole in Conn."
Day Pitney Real Estate Partner Jared Ross was featured in the Boston Globe article "Boston's Office-to-Residential Conversion Program Has Only a Handful of Takers So Far. Here's Why."
Day Pitney Tax Partner Ryan Leichsenring authored an article for the Hartford Business Journal titled, "Here's How to Avoid Common Pitfalls When Managing Charitable Assets."