LAKE SUCCESS, N.Y.,
June 5, 2017 /PRNewswire/
-- Astoria Financial Corporation (NYSE: AF) ("Astoria" or the
"Company"), the holding company for Astoria
Bank (the "Bank"), today announced the pricing of its
underwritten public offering (the "Offering") of $200 million aggregate principal amount of 3.500%
Senior Notes due 2020 (the "Notes"). The Company expects to
use the net proceeds from the Offering to repay its 5.000% Senior
Notes due 2017 and for general corporate purposes. As of
March 31, 2017, there was
$250 million outstanding under the
5.000% Senior Notes due 2017, which will mature on June 19, 2017. To the extent the proceeds of the
Offering are not sufficient to repay the 5.000% Senior Notes due
2017, the Company intends to fund the difference through cash on
hand at the time of repayment. The Offering is expected to close on
June 8, 2017, subject to the
satisfaction of customary closing conditions.
Sandler O'Neill + Partners, L.P. is acting as the sole
book-running manager for the Offering. Macquarie Capital
(USA) Inc. is acting as
co-manager. Arnold & Porter Kaye Scholer LLP served as
outside legal counsel to the Company. Hogan Lovells US LLP
served as outside legal counsel to the underwriters.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy the Notes, nor shall there by any
offer or sale of the Notes in any state or jurisdiction in which
such offer, solicitation or sale would be unlawful. The
Company is conducting the Offering pursuant to an effective
Registration Statement on Form S-3 (File No. 333-204555) under the
Securities Act of 1933, as amended. The Offering is being
made solely by means of a prospectus supplement and accompanying
base prospectus included in the Registration Statement.
Prospective investors should read the base prospectus, the
preliminary prospectus supplement and the other documents that the
Company has filed with the Securities and Exchange Commission (the
"SEC") for more complete information about the Company and the
Offering. Investors may obtain these documents without charge
by visiting the SEC website at www.sec.gov. Alternatively,
copies of the preliminary prospectus supplement and the base
prospectus relating to the Offering, as well as the final
prospectus supplement, when available, may be obtained from Sandler
O'Neill + Partners, L.P., 1251 Avenue of the Americas, 6th Floor,
New York, New York 10020, (866)
805-4128.
About Astoria Financial Corporation
Astoria Financial Corporation, with assets of $14.3 billion, is the holding company for
Astoria Bank. Established in 1888,
Astoria Bank, with deposits in
New York totaling $9.0 billion, is the second largest thrift
depository in New York and
provides the customers and local communities it serves with quality
financial products and services through 88 convenient banking
branch locations, a business banking office in Manhattan, and multiple delivery channels,
including its flexible mobile banking app. Astoria Bank commands a significant deposit
market share in the attractive Long
Island market, which includes Brooklyn, Queens, Nassau, and Suffolk counties with a population exceeding
that of 38 individual states. Astoria
Bank originates multi-family and commercial real estate
loans, primarily on rent controlled and rent stabilized apartment
buildings, located in New York
City and the surrounding metropolitan area and originates
residential mortgage loans in New York
State, the District of
Columbia and eight other states through its banking and loan
production offices in New
York.
Cautionary Statements Regarding Forward-Looking
Information
This press release contains a number of forward-looking
statements within the meaning of Section 27A of the Securities Act
of 1933, as amended, and Section 21E of the Securities Exchange Act
of 1934, as amended. These statements may be identified by the use
of such words as "anticipate," "believe," "could," "estimate,"
"expect," "intend," "may," "outlook," "plan," "potential,"
"predict," "project," "should," "will," "would," and similar terms
and phrases, including references to assumptions.
Forward-looking statements are based on various assumptions
and analyses made by us in light of our management's experience and
perception of historical trends, current conditions and expected
future developments, as well as other factors we believe are
appropriate under the circumstances. These statements are not
guarantees of future performance and are subject to risks,
uncertainties and other factors (many of which are beyond our
control) that could cause actual results to differ materially from
future results expressed or implied by such forward-looking
statements. These factors include, without limitation, the
following: the timing and occurrence or non-occurrence of events
that may be subject to circumstances beyond our control; increases
in competitive pressure among financial institutions or from
non-financial institutions; changes in the interest rate
environment; changes in deposit flows, loan demand or collateral
values; changes in accounting principles, policies or guidelines;
changes in general economic conditions, either nationally or
locally in some or all areas in which we do business, or conditions
in the real estate or securities markets or the banking industry;
legislative or regulatory changes, including those that may be
implemented by the new administration in Washington, D.C.; supervision and examination
by the Office of the Comptroller of the Currency, the Board of
Governors of the Federal Reserve System and the Consumer Financial
Protection Bureau; effects of changes in existing U.S. government
or government-sponsored mortgage programs; our ability to
successfully implement technological changes; our ability to
successfully consummate new business initiatives;
litigation or other matters before regulatory agencies, whether
currently existing or commencing in the future; or our ability to
implement enhanced risk management policies, procedures and
controls commensurate with shifts in our business strategies and
regulatory expectations.
We have no obligation to update any forward-looking
statements to reflect events or circumstances after the date of
this press release.
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SOURCE Astoria Financial Corporation
