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     135  0 Kommentare Univest Financial Corporation Announces Pricing of $100.0 Million Subordinated Notes Offering

    SOUDERTON, Pa., July 29, 2020 (GLOBE NEWSWIRE) -- Univest Financial Corporation (“Univest”) (NASDAQ: UVSP), parent company of Univest Bank and Trust Co. and its insurance, investments and equipment financing subsidiaries, today announced that it has priced an underwritten public offering of $100.0 million aggregate principal amount of its 5.000% Fixed-to-Floating Rate Subordinated Notes due 2030 (the “Notes”).

    The Notes shall bear interest at an initial rate of 5.000% per annum, payable semi-annually in arrears on February 15 and August 15 of each year, commencing on February 15, 2021. The last interest payment date for the fixed rate period will be August 15, 2025. From and including August 15, 2025 to, but excluding August 15, 2030 or the date of earlier redemption, the Notes will bear interest at a floating rate per annum equal to the Benchmark rate (which is expected to be Three-Month Term SOFR), each as defined in and subject to the provisions of the First Supplemental Indenture, plus 495.2 basis points, payable quarterly in arrears on February 15, May 15, August 15 and November 15 of each year, commencing on November 15, 2025. Notwithstanding the foregoing, if the Benchmark rate is less than zero, the Benchmark rate will be deemed to be zero.

    U.S. Bancorp Investments, Inc. is acting as the sole book-running manager and PNC Capital Markets LLC is acting as co-manager for the offering.

    Univest expects to close the transaction, subject to customary closing conditions, on or about August 5, 2020. Univest estimates that the net proceeds from this offering will be approximately $98.3 million, after deducting the underwriting discount and estimated offering expenses, and expects to use the net proceeds for general corporate purposes.

    Additional Information Regarding the Offering
    This press release does not constitute an offer to sell or a solicitation of an offer to buy the Notes, nor shall there be any sale of the securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. The Notes being offered have not been approved or disapproved by any regulatory authority, nor has any such authority passed upon the accuracy or adequacy of the prospectus supplement or the shelf registration statement or prospectus relating thereto.

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    Univest Financial Corporation Announces Pricing of $100.0 Million Subordinated Notes Offering SOUDERTON, Pa., July 29, 2020 (GLOBE NEWSWIRE) - Univest Financial Corporation (“Univest”) (NASDAQ: UVSP), parent company of Univest Bank and Trust Co. and its insurance, investments and equipment financing subsidiaries, today announced that it …