OceanFirst Financial Corporation (Nasdaq: OCFC) announced the pricing of a public offering of $185.0 million aggregate principal amount of 6.375% Fixed-to-Floating Rate Subordinated Notes due 2035. The Notes will accrue interest at 6.375% per annum from the original issue date to, but excluding, November 15, 2030, payable semiannually in arrears. From February 15, 2031, interest will accrue at a floating rate per annum equal to a benchmark rate, expected to be Three-Month Term SOFR, plus a spread of 307.5 basis points, payable quarterly in arrears. The offering is expected to close on October 29, 2025, subject to customary closing conditions. OceanFirst estimates net proceeds of approximately $181.9 million, which are intended to be used to repay existing indebtedness, including the redemption in full of its 5.25% Fixed-to-Floating Rate Subordinated Notes due May 15, 2030, support subsidiary growth initiatives, and for general corporate purposes.
Disclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. OceanFirst Financial Corporation published the original content used to generate this news brief via EDGAR, the Electronic Data Gathering, Analysis, and Retrieval system operated by the U.S. Securities and Exchange Commission (Ref. ID: 0001193125-25-255537), on October 29, 2025, and is solely responsible for the information contained therein.
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