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.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.