WSFS Financial Corporation, the parent company of WSFS Bank, has officially completed its public offering of $200 million in 5.375% Fixed-to-Floating Rate Senior Unsecured Notes due 2035 marking a significant move to strengthen its balance sheet and support long-term financial strategy.
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The Notes will carry a fixed interest rate of 5.375% until December 15, 2030, after which the rate will shift to a floating benchmark, expected to be the Three-Month Term SOFR plus 189 basis points, resetting quarterly. WSFS plans to use the proceeds to retire $150 million of its existing 2030 notes and allocate remaining funds toward general corporate purposes.
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David Burg, Executive Vice President and Chief Financial Officer, highlighted that the successful transaction reflects the strong financial standing of WSFS. “We are pleased with the transaction terms which reflect the strength of our franchise, as well as our capital, liquidity, and credit profile, as evidenced by our ratings from Moody’s, Morningstar, and Kroll,” he said.
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Piper Sandler, Keefe, Bruyette & Woods (a Stifel Company), and RBC Capital Markets served as joint book-running managers for the offering, which was conducted under an effective SEC registration.
While the Notes have been made available through a formal prospectus filing, WSFS emphasized that this announcement does not constitute a solicitation to buy or sell in any jurisdiction where such actions would be unlawful.
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