WSFS Announces Execution of $100 Million Senior Debt Call
16 June 2021 - 6:10AM
WSFS Financial Corporation (NASDAQ: WSFS), the parent company of
WSFS Bank, today announced that it has called $100 million of
senior debt with a coupon rate of 4.50% fixed-to-floating rate
senior notes due 2026. The notes were callable quarterly beginning
June 15, 2021. The debt was repaid using a portion of the proceeds
from the December 2020 issuance of $150 million of
fixed-to-floating senior holding company notes with a historically
low initial coupon of 2.75% for five years and then floats at SOFR
plus 2.485% for the final five years.
“We are pleased to announce the execution of our
planned payoff of senior debt,” said Dominic C. Canuso, WSFS
Executive Vice President and Chief Financial Officer. “This
transaction positively impacts both our income statement and
balance sheet by lowering debt levels and interest expense. Our
significant excess liquidity and ability to pay off the debt while
maintaining liquidity levels demonstrates the strength of our
franchise and our investors’ support for our vision, strategy and
growth potential.”
As part of the transaction, WSFS expects to
incur additional interest expense of $1.1 million in Q2 2021, to
recognize the remaining unamortized debt issuance costs associated
with the 2016 senior notes.
About WSFS Financial CorporationWSFS Financial
Corporation is a multi-billion-dollar financial services company.
Its primary subsidiary, WSFS Bank, is the oldest and largest
locally managed bank and trust company headquartered in Delaware
and the Greater Philadelphia region. As of March 31, 2021,
WSFS Financial Corporation had $14.7 billion in assets on its
balance sheet and $24.7 billion in assets under management and
administration. WSFS operates from 111 offices, 88 of which are
banking offices, located in Pennsylvania (51), Delaware (42), New
Jersey (16), Virginia (1) and Nevada (1) and provides comprehensive
financial services including commercial banking, retail banking,
cash management and trust and wealth management. Other subsidiaries
or divisions include Arrow Land Transfer, Cash Connect®, Cypress
Capital Management, LLC (Cypress), Christiana Trust Company of
Delaware®, NewLane Finance®, Powdermill® Financial Solutions,
West Capital Management®, WSFS Institutional Services®, WSFS
Mortgage®, and WSFS Wealth® Investments. Serving the Greater
Delaware Valley since 1832, WSFS Bank is one of the ten oldest
banks in the United States continuously operating under the same
name. For more information, please visit www.wsfsbank.com.
Investor Relations Contact: Dominic C. Canuso
(302) 571-6833dcanuso@wsfsbank.com
Media Contact: Rebecca Acevedo (215) 253-5566
racevedo@wsfsbank.com
WSFS Financial (NASDAQ:WSFS)
Historical Stock Chart
From Apr 2024 to May 2024
WSFS Financial (NASDAQ:WSFS)
Historical Stock Chart
From May 2023 to May 2024