UVSP - Univest Financial prices $50M subordinated note offering
- Univest Financial ( NASDAQ: UVSP ) said Monday it priced a $50M underwritten public offering of 7.25% fixed-to-floating rate subordinated notes due 2032.
- The notes bear interest at an initial rate of 7.25% per annum, payable semi-annually in arrears on May 15 and Nov. 15 of each year, starting May 15, 2023.
- The last interest payment date for the fixed rate period will be Nov. 15, 2027.
- From Nov. 15, 2027 to, but excluding, Nov. 15, 2032 or the date of earlier redemption, the notes will bear interest at a floating rate per annum equal to the benchmark rate (expected to be three-month term SOFR) plus 309.8 bps.
- The notes will be payable quarterly in arrears on Feb. 15, May 15, Aug. 15 and Nov. 15 of each year, starting Feb. 15, 2028.
- The offering is expected to close on or about Nov. 15.
- Univest ( UVSP ) expects to use net proceeds for general corporate purposes.
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Univest Financial prices $50M subordinated note offering