WSFS Financial Corporation, the parent company of WSFS Bank, will offer $100 million of fixed-to-floating rate senior notes due in 2026.
The notes will bear a fixed interest rate of 4.50 per year from, and including, June 13, 2016 to, but excluding, June 15, 2021, payable semi-annually in arrears. From, and including, June 15, 2021 to, but excluding, the maturity date or any early redemption date, the interest rate shall be a floating rate equal to three-month LIBOR, determined on the determination date of the applicable interest period plus 330 basis points, payable quarterly in arrears. The notes were offered to the public at 100 percent of their face amount.
WSFS Financial expects to use the net proceeds from the sale of the notes for general corporate purposes including financing organic growth, acquisitions, repurchases of common stock and redemption of outstanding indebtedness. The offering is expected to close on June 13, 2016, subject to customary closing conditions.
Sandler O'Neill + Partners, L.P. is acting as sole book-running manager for the notes offering, and Keefe, Bruyette & Woods, A Stifel Company, is acting as co-lead manager. Boenning & Scattergood, Inc. is acting as co-manager in the notes offering.