Company: WAL-PA
Filing Date: 2025-03-27
Form Type: 8-K
Source: 0001212545-25-000115
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Company: WESTERN ALLIANCE BANCORPORATION
Filing Date: 2025-03-27
Form: 8-K
Item: Item 3.02
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ITEM 3.02 UNREGISTERED SALES OF EQUITY SECURITIES

As previously announced, on March 24, 2025, Western Alliance Bancorporation (the “ Company”), its wholly owned subsidiary, Western Alliance Bank (“ WAB”), and BW Real Estate, Inc., a real estate investment trust subsidiary of WAB (“ BW”), entered into a Purchase Agreement (the “ Purchase Agreement”) with J. P. Morgan Securities LLC and MUFG Securities Americas Inc., as representatives for the initial purchasers named therein (the “ Purchasers”), pursuant to which, subject to the satisfaction of the conditions set forth therein, BW sold to the Purchasers 300,000 shares of BW’s 9.500% Fixed-Rate Reset Non-Cumulative Exchangeable Perpetual Series B Preferred Stock, no par value per share (the “ Series B Preferred Stock”), with a liquidation preference of $1,000 per share.

On March 27, 2025, BW completed the issuance and sale of the Series B Preferred Stock. The terms of the Series B Preferred Stock are set forth in a certificate of designation (the “ Certificate of Designation”) filed with the Secretary of State of the State of Nevada on March 25, 2025. Under the terms of the Series B Preferred Stock, the ability of BW to pay dividends on, make distributions with respect to, or to repurchase, redeem or otherwise acquire its common stock or any other stock ranking on parity with or junior to the Series B Preferred Stock is subject to certain restrictions in the event that BW does not declare and either pay or set aside a sum sufficient for payment of dividends on the Series B Preferred Stock for the immediately preceding dividend period.

BW may, at its option and subject to any required regulatory approval, redeem the Series B Preferred Stock in whole or in part, from time to time, on any dividend payment date on or after March 30, 2030, or in whole but not in part, upon the occurrence of certain events, including a change in regulatory capital treatment. The Series B Preferred Stock is automatically exchangeable for newly issued 9.500% Fixed-Rate Reset Non-Cumulative Perpetual Series A Preferred Stock of WAB upon receipt of a directive from the Board of Governors of the Federal Reserve or any other appropriate federal regulatory authority upon the occurrence of certain specified exchange events. Holders of the Series B Preferred Stock have only nominal voting rights, other than in limited circumstances as set forth in the Certificate of Designation,