Provident Prices $175M Subordinated Notes at 6.50% to Refinance $170M Debt
PFS sits 38% above its 52-week low of $17.69.
Summary
Provident Financial Services priced a $175 million subordinated notes offering at 6.50% fixed, using proceeds to redeem $170 million of existing debt due 2031 and 2033.
Key Events · Financing and Capital Events · PFS
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$175M Notes Priced at 6.50%
Provident is issuing $175 million of fixed-to-floating rate subordinated notes due 2036 with a fixed coupon of 6.50% per annum, rated BBB by Kroll Bond Rating Agency.
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Refinances $170M Existing Debt
Proceeds will redeem $150 million of 2.875% notes due 2031 and $20 million of 7.094% junior subordinated notes due 2033, extending maturities by 5-10 years.
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Capital Ratios Unchanged
Pro forma leverage ratio remains 9.2%, CET1 10.6%, Tier 1 10.6%, and Total RBC 13.5% — the refinancing does not weaken regulatory capital.
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Interest Coverage Solid
Pro forma interest coverage is 1.87x including deposit expense and 4.44x excluding deposits, reflecting modestly higher interest expense from the new 6.50% coupon.
Analysis · PFS · Finance
Provident Financial Services is issuing $175 million of fixed-to-floating rate subordinated notes due 2036 with a fixed coupon of 6.50% per annum. Proceeds will redeem $150 million of 2.875% notes due 2031 and $20 million of 7.094% junior subordinated notes due 2033, extending maturities and locking in a higher but manageable fixed rate. Pro forma capital ratios are unchanged, and interest coverage remains solid at 1.87x including deposits. The deal refinances near-term maturities at a higher coupon, modestly increasing interest expense but improving the liability structure.
How filings like this one have moved
In the 30 days to Oct 18, 2026, 29.5% of the 1457 measured filings Wiseek scored 7 moved their stock by 5% or more by the next session's close. The median move was -0.49%. These are measured outcomes after filings of this importance, not a forecast for this one.
Measured one observation per ticker per day, after exclusions. Current figures: Filing Impact Tracker · open dataset
At the time of this filing, PFS was trading at $24.50 on NYSE in the Finance sector, with a market capitalization of approximately $3.1B. The 52-week trading range was $17.69 to $25.49. This filing was assessed with neutral market sentiment and an importance score of 7 out of 10.