WSFS Financial Corporation Announces Closing of Senior Notes Offering Historically low initial coupon of 2.75% by a Kroll only rated senior debt December 08, 2020 16:05 ET | Source: WSFS Financial Corporation WSFS Financial Corporation Wilmington, Delaware, UNITED STATES WILMINGTON, Del., Dec. 08, 2020 (GLOBE NEWSWIRE) -- WSFS Financial Corporation (Nasdaq: WSFS), the parent company of WSFS Bank, today announced that it has closed the public offering of $150 million aggregate principal amount of Fixed-to-Floating Rate Senior Notes due 2030 (the “Notes”), which was priced on December 3, 2020. The initial fixed interest rate of 2.75% is the lowest coupon obtained by a Kroll only rated senior debt issuance. The Notes will bear interest from and including December 8, 2020 to but excluding December 15, 2025, at a fixed rate of 2.75% per annum, payable semi-annually in arrears. From December 15, 2025 to but excluding the maturity date or earlier redemption date, the interest rate will reset quarterly at an annual floating rate equal to a benchmark rate (which is expected to be Three-Month Term SOFR (as defined in the Notes)) plus 248.5 basis points, payable quarterly in arrears. The Notes were offered to the public at 100% of their principal amount. WSFS intends to use the net proceeds for general corporate purposes including, but not limited to, financing organic growth, acquisitions, repurchases of common stock, and redemption of outstanding indebtedness.