WesBanco Inc. Announces $200 Million Debt Redemption and Launches New 7.375% Preferred Shares Offering
WesBanco Inc. has announced the pricing of a $230 million public offering of depositary shares, each representing a 1/40th interest in a share of its 7.375% Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series B. The company plans to utilize approximately $150 million of the proceeds to redeem its outstanding 6.75% Series A Preferred Stock and related depositary shares. Additionally, around $50 million will be used to redeem its outstanding 4.0% Fixed-To-Floating Rate Subordinated Notes due 2030, assumed during its acquisition of Premier Financial Corporation. The remaining proceeds will support general corporate purposes, including potential debt repayment, capital expenditures, and funding acquisitions. The offering is expected to close around September 17, 2025, with dividends accruing quarterly from January 1, 2026. WesBanco may redeem the Series B Preferred Stock on any dividend payment date on or after October 1, 2030. The depositary shares are expected to be listed under the symbol "WSBCPB" on The Nasdaq Global Select Market.
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