Valley National Bancorp Announces Proposed Common Stock Offering
Valley National Bancorp (NASDAQ: VLY) has announced a proposed public offering of common stock shares. The company plans to grant underwriters a 30-day option to purchase up to an additional 15% of shares at the public offering price, less underwriting discounts and commissions. J.P. Morgan will serve as the sole book-running manager for the offering. The net proceeds will be used for general corporate purposes and investments in Valley National Bank as regulatory capital. The offering will be made through an effective shelf registration statement and prospectus supplements filed with the SEC.
Valley National Bancorp (NASDAQ: VLY) ha annunciato un'offerta pubblica proposta di azioni ordinarie. L'azienda prevede di concedere agli sottoscrittori un'opzione di acquisto di 30 giorni per un ulteriore 15% delle azioni al prezzo dell'offerta pubblica, al netto degli sconti e delle commissioni di sottoscrizione. J.P. Morgan sarà l'unico manager della registrazione per l'offerta. I proventi netti saranno utilizzati per scopi aziendali generali e per investimenti nella Valley National Bank come capitale regolamentare. L'offerta sarà effettuata tramite una registrazione a scaffale efficace e supplementi di prospetto depositati presso la SEC.
Valley National Bancorp (NASDAQ: VLY) ha anunciado una oferta pública propuesta de acciones ordinarias. La compañía planea otorgar a los suscriptores una opción de compra de 30 días para adquirir hasta un 15% adicional de acciones al precio de la oferta pública, menos descuentos y comisiones de suscripción. J.P. Morgan actuará como el único gerente de libros para la oferta. Los ingresos netos se utilizarán para fines corporativos generales e inversiones en Valley National Bank como capital regulatorio. La oferta se realizará a través de una declaración de registro en estante efectiva y suplementos de prospecto presentados ante la SEC.
Valley National Bancorp (NASDAQ: VLY)는 보통 주식 공개 제안 발표했습니다. 회사는 인수자에게 30일 옵션을 부여하여 공개 제안 가격에서 최대 15%의 추가 주식을 구매할 수 있게 할 예정입니다. J.P. Morgan은 이 제안에 대한 독점 서적 관리자로 활동할 것입니다. 순수익은 일반 기업 목적 및 Valley National Bank에 대한 투자로 규제 자본으로 사용될 것입니다. 이 제안은 SEC에 제출된 유효한 선반 등록 명세서 및 전망서 보충에 따라 이루어질 것입니다.
Valley National Bancorp (NASDAQ: VLY) a annoncé une offre publique proposée d'actions ordinaires. L'entreprise prévoit d'accorder aux souscripteurs une option de 30 jours pour acheter jusqu'à 15 % d'actions supplémentaires au prix de l'offre publique, moins les remises et commissions de souscription. J.P. Morgan agira en tant que seul gestionnaire des livres pour l'offre. Les produits nets seront utilisés pour des besoins généraux de l'entreprise et pour des investissements dans Valley National Bank en tant que capital réglementaire. L'offre sera réalisée par le biais d'une déclaration d'enregistrement en étagère efficace et de compléments de prospectus déposés auprès de la SEC.
Valley National Bancorp (NASDAQ: VLY) hat ein vorgeschlagenes öffentliches Angebot von Stammaktien angekündigt. Das Unternehmen plant, den Underwritern eine 30-tägige Option einzuräumen, um bis zu 15% zusätzliche Aktien zum öffentlichen Angebotspreis zu erwerben, abzüglich der Underwriting-Rabatte und -Provisionen. J.P. Morgan wird als alleiniger Buchführungsmanager für das Angebot fungieren. Die Nettoerlöse werden für allgemeine Unternehmenszwecke und Investitionen in die Valley National Bank als regulatorisches Kapital verwendet. Das Angebot wird durch eine effektive Regalregistrierungserklärung und Prospekt-Ergänzungen, die bei der SEC eingereicht wurden, gemacht.
- Potential strengthening of regulatory capital position
- Additional funding for general corporate purposes
- Potential dilution of existing shareholders' value
- Stock offering may put downward pressure on share price
Insights
This common stock offering announcement signals potential dilution for existing shareholders and raises questions about Valley National's capital needs. While the exact size of the offering remains undisclosed, the timing and structure suggest the bank is proactively addressing capital requirements or seeking growth opportunities. J.P. Morgan's involvement as sole book-runner adds credibility to the offering.
The use of proceeds for "general corporate purposes and investments in Valley National Bank as regulatory capital" could indicate several scenarios: strengthening the balance sheet, preparing for potential acquisitions, or addressing regulatory requirements. With a market cap of
The 15% overallotment option (green shoe) provides flexibility to meet additional demand and suggests confidence in market interest. Investors should monitor the final terms and pricing when announced to assess the dilutive impact and capital deployment strategy.
NEW YORK, Nov. 07, 2024 (GLOBE NEWSWIRE) -- Valley National Bancorp (“Valley”) (NASDAQ: VLY), the holding company for Valley National Bank, today announced a proposed public offering of shares of its common stock, no par value (the “Common Stock”).
In addition, Valley expects to grant the underwriters a 30-day option to purchase up to an additional
Valley expects to use the net proceeds from this offering for general corporate purposes and investments in Valley National Bank as regulatory capital.
J.P. Morgan is acting as sole book-running manager for the offering. Wachtell, Lipton, Rosen & Katz is serving as legal counsel to Valley.
The Common Stock will be issued pursuant to an effective shelf registration statement (File No. 333-278527) (including base prospectus) and a preliminary prospectus supplement filed with the Securities and Exchange Commission (the “SEC”), and a final prospectus supplement to be filed with the SEC.
Copies of the preliminary prospectus supplement and accompanying base prospectus relating to the Common Stock offering can be obtained without charge by visiting the SEC’s website at www.sec.gov, or may be obtained from: Valley National Bancorp, 70 Speedwell Avenue, Morristown, New Jersey 07960, Attention: Tina Zarkadas, (973) 305-3380, or by contacting J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717 or by email at prospectus-eq_fi@jpmchase.com and postsalemanualrequests@broadridge.com.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the Common Stock in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. Any offering of the Common Stock is being made only by means of a written prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.
About Valley
As the principal subsidiary of Valley National Bancorp, Valley National Bank is a regional bank with over
Forward Looking Statements
This news release and other statements made by Valley in connection with it may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are not historical facts and include statements regarding the proposed offering, expressions about management’s confidence and strategies and management’s expectations about our business, new and existing programs and products, acquisitions, relationships, opportunities, taxation, technology, market conditions and economic expectations. These statements may be identified by such forward-looking terminology as “intend,” “should,” “expect,” “believe,” “view,” “opportunity,” “allow,” “continues,” “reflects,” “would,” “could,” “typically,” “usually,” “anticipate,” “may,” “estimate,” “outlook,” “project” or similar statements or variations of such terms. Such forward-looking statements involve certain risks and uncertainties. Actual results may differ materially from such forward-looking statements. A detailed discussion of factors that could affect our results is included in Valley’s SEC filings, including Item 1A. “Risk Factors” of its Annual Report on Form 10-K for the year ended December 31, 2023. Valley undertakes no duty to update any forward-looking statement to conform the statement to actual results or changes in our expectations, except as required by law. Although Valley believes that the expectations reflected in the forward-looking statements are reasonable, Valley cannot guarantee future results, levels of activity, performance or achievements.
| Contact: | Travis Lan | |
| Executive Vice President and | ||
| Deputy Chief Financial Officer | ||
| 973-686-5007 |
FAQ
What is the purpose of Valley National Bancorp's (VLY) 2024 common stock offering?
Who is the book-running manager for Valley National Bancorp's (VLY) 2024 stock offering?
What additional option is being offered to underwriters in VLY's 2024 stock offering?
