Wesbanco, Inc. announced the pricing of an underwritten public offering of 9,200,000 depositary shares representing interests in Preferred Stock.
The offering includes Series B Preferred Stock with a liquidation preference of $1,000 per share.
Dividends will accrue and be payable quarterly as declared by the board of directors.
Offering Details
$230 million offering of depositary shares representing interests in Preferred Stock.
Dividend Payment
Dividends will accrue and be payable quarterly from specified dates at a fixed rate or as per the five-year treasury rate.
Use of Proceeds
Approximately $150 million to redeem outstanding Series A Preferred Stock, $50 million to redeem 2030 Notes, and the rest for general corporate purposes.
- The offering aims to raise funds for redemption of existing securities and general corporate purposes.
- The Series B Preferred Stock offers a fixed-rate reset and dividend payments tied to treasury rates.
- Listing of depositary shares under the symbol 'WSBCPB' on The Nasdaq Global Select Market indicates market entry.
Wesbanco's strategic offering of depositary shares will facilitate redemption of existing securities and support its financial activities and growth plans.