Financing ·
Provident Financial Services completed its underwritten public offering of $175 million in aggregate principal amount…
PFSProvident Financial Services Inc
Provident Financial Services completed its underwritten public offering of $175 million in aggregate principal amount of 6.50% Fixed-to-Floating Rate Subordinated Notes due 2036 on August 24, 2026. The company intends to use the net proceeds to repay $150 million of outstanding 2.875% Fixed-to-Floating Rate Subordinated Notes due 2031 and $20 million of variable rate Junior Subordinated Notes due 2033, with remaining funds for general corporate purposes. The notes bear interest at a fixed rate of 6.50% until September 1, 2031, after which the rate floats based on SOFR plus 239 basis points. Provident Financial Services operates in the banking and financial services industry.