Company: WAL-PA
Filing Date: 2025-11-24
Form Type: 8-K
Source: 0001628280-25-053807
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Company: WESTERN ALLIANCE BANCORPORATION
Filing Date: 2025-11-24
Form: 8-K
Item: Item 2.03
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ITEM 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

On November 24, 2025, Western Alliance Bank (the “ Bank”), a state member bank organized under the laws of the State of Arizona and the banking subsidiary of Western Alliance Bancorporation, a Delaware corporation (the “ Company”), issued $400,000,000 aggregate principal amount of 6.537% Fixed Rate Reset Subordinated Notes due November 15, 2035 (the “ Notes”). The Notes were issued pursuant to an Issuing and Paying Agency Agreement, dated as of November 24, 2025, by and between the Bank and U. S. Bank Trust Company, National Association, as issuing and paying agent and note registrar.

The Notes were issued at a price equal to 100% of the principal amount, resulting in proceeds to the Bank (after discounts and commissions but before expenses) of $397,200,000. The Bank intends to use the net proceeds from the offering for general corporate purposes, which may include providing capital to support its growth and the repayment, redemption or repurchase of existing securities. The Notes are intended to qualify as Tier 2 capital for bank regulatory purposes.

The Notes will mature on November 15, 2035 (the “ Maturity Date”). From and including November 24, 2025 to, but excluding, November 15, 2030, the Notes shall bear interest at a fixed rate per annum equal to 6.537%. From and including November 15, 2030 (the “reset date”) to, but excluding, the Maturity Date, the Notes shall bear interest at a fixed rate per annual equal to the U. S. Treasury Rate for a five-year maturity as of the third business day preceding the reset date, plus a spread of 285 basis points, provided that in the event the interest rate is less than zero, the interest rate shall be deemed to be zero. Interest on the Notes shall be payable semi-annually in arrears on May 15 and November 15 of each year, commencing on May 15 2026.

The Notes are redeemable by the Bank (i) in whole, but not in part, on November 15, 2030 and (ii) in whole or in part, at any time or from time to time, on or after August 15, 2035, at a redemption price equal to