Valley National Bancorp (VLY) in Wayne, N.J., is offering to sell up to $125 million of subordinated notes to repay its trust-preferred debt.

The $16 billion-asset company plans to use the proceeds from the note sale, along with other funds, to redeem more than $131 million of Trups debt on which it pays 7.75% interest. The expected interest rate of the new debt was not included in the offering prospectus filed with the Securities and Exchange Commission on Tuesday.

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