Company: WAL-PA
Filing Date: 2025-05-01
Form Type: 10-Q
Source: 0001212545-25-000141
Chunk: 204

Company: WESTERN ALLIANCE BANCORPORATION
Filing Date: 2025-05-01
Form: 10-Q
Item: Part I, Item 8
Chunk 204
---
31, 2025DescriptionIssuance DateMaturity DateInterest RatePrincipalDebt Issuance Costs(in millions)WAL fixed-to-variable-rate (1)June 2021June 15, 20313.00 %$600 $5 WAB fixed-to-variable-rate (2)May 2020June 1, 20305.25 %225 — Total$825 $5 December 31, 2024DescriptionIssuance DateMaturity DateInterest RatePrincipalDebt Issuance Costs(in millions)WAL fixed-to-variable-rate (1)June 2021June 15, 20313.00 %$600 $5 WAB fixed-to-variable-rate (2)May 2020June 1, 20305.25 %225 — Total$825 $5 (1)    Notes are redeemable, in whole or in part, beginning on June 15, 2026 at their principal amount plus accrued and unpaid interest and has a fixed interest rate of 3.00%. The notes also convert to a variable rate of three-month SOFR plus 225 basis points on this date. (2)    Debt is redeemable, in whole or in part, on or after June 1, 2025 at its principal amount plus accrued and unpaid interest and has a fixed interest rate of 5.25% through June 1, 2025 and then converts to a variable rate per annum equal to three-month SOFR plus 512 basis points.The carrying value of all subordinated debt issuances totaled $820 million at March 31, 2025 and December 31, 2024.Junior Subordinated DebtThe Company has formed or acquired through acquisition eight statutory business trusts, which exist for the exclusive purpose of issuing Cumulative Trust Preferred Securities. With the exception of debt issued by Bridge Capital Trust I and Bridge Capital Trust II, junior subordinated debt is recorded at fair value at each reporting date due to the FVO election made by the Company under ASC 825. The Company did not make the FVO election for the junior subordinated debt acquired in the Bridge acquisition. Accordingly, the carrying value of these trusts does not reflect the current fair value of the debt and includes a fair market value adjustment established at acquisition that is being accreted over the remaining life of the trusts. The carrying value of junior subordinated debt was $78 million and $