WSBC - Wesbanco prices $150M subordinated notes offering

Wesbanco (NASDAQ:WSBC) priced a public offering of $150M aggregate principal amount of its 3.75% fixed-to-floating rate subordinated notes due 2032. The price to the public for the notes is 100% of the principal amount of the notes. The notes will mature on Apr. 1, 2032. Interest on the notes initially will accrue at a rate equal to 3.75% per annum from and including Mar. 23, to, but excluding, Apr. 1, 2027, payable semiannually in arrears. From and including Apr. 1, 2027 to, but excluding, Apr. 1, 2032 or the earlier redemption date, interest will accrue at a floating rate per annum equal to a benchmark rate, which is expected to be the 3-month term SOFR, plus a spread of 178.7 bps, payable quarterly in arrears. The notes are intended to qualify as tier 2 capital for regulatory purposes. On Apr. 1, 2027 or on any interest payment date thereafter, WSBC,

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Wesbanco prices $150M subordinated notes offering