WesBanco, Inc. announced the pricing of an underwritten public offering of 9,200,000 depositary shares, each representing a 1/40th interest in a share of its 7.375% Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series B. The liquidation preference is $1,000 per share, equivalent to $25 per depositary share.
Dividends on the Series B Preferred Stock will accrue quarterly at 7.375% per annum until October 1, 2030, after which the rate will reset based on the five-year treasury rate plus 3.795%. WesBanco may redeem the Series B Preferred Stock on or after October 1, 2030, or following a regulatory capital treatment event.
WesBanco expects to use approximately $150 million of the net proceeds to redeem its outstanding 6.75% Series A Preferred Stock and $50 million to redeem 4.0% Fixed-To-Floating Rate Subordinated Notes due September 30, 2030, which were assumed from the Premier Financial Corporation acquisition. The remaining net proceeds will be allocated for general corporate purposes, including potential refinancing of indebtedness, capital expenditures, and contributions to WesBanco Bank.
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