OceanFirst Financial Corp. Announces Pricing of Subordinated Notes Offering

Core Points - OceanFirst Financial Corp. announced a public offering of $185.0 million in 6.375% Fixed-to-Floating Rate Subordinated Notes due 2035, with interest accruing at 6.375% until November 15, 2030, and transitioning to a floating rate thereafter [1] - The offering is expected to close on October 29, 2025, subject to customary closing conditions [2] - The estimated net proceeds from the offering will be approximately $181.9 million, intended for repaying existing debt, supporting growth initiatives, and general corporate purposes [3] Offering Details - The Notes will accrue interest at a fixed rate of 6.375% until November 15, 2030, and then at a floating rate based on Three-Month Term SOFR plus a spread of 307.5 basis points [1] - Piper Sandler & Co. and Keefe, Bruyette & Woods are acting as joint book-running managers for the offering [2] Use of Proceeds - The net proceeds will be used to redeem the Company's existing 5.25% Fixed-to-Floating Rate Subordinated Notes due May 15, 2030, and to support growth initiatives at subsidiaries [3] Company Background - OceanFirst Financial Corp. is the holding company for OceanFirst Bank N.A., a regional bank with $14.3 billion in assets, serving customers in New Jersey and surrounding metropolitan areas [6]