UVSP raises $50M Tier 2 debt at 6.00%, plans $80M redemption

Rhea-AI Filing Summary

Univest Financial Corporation issued $50.0 million of 6.00% Fixed-to-Floating Rate Subordinated Notes due 2035 in a private placement at par. The company plans to use the proceeds to redeem its outstanding 5.00% Fixed-to-Floating Rate Subordinated Notes due 2030, which currently carry a 9.15% rate, and for general corporate purposes. The company also provided notice to redeem the remaining $80.0 million of those 2030 notes, with redemption expected on or about November 15, 2025.

The new notes pay 6.00% fixed interest semi-annually to, but excluding, November 15, 2030, then reset quarterly to three‑month SOFR plus 261.5 bps until maturity on November 15, 2035. They are unsecured, subordinated obligations intended to qualify as Tier 2 capital, are callable by the company on or after November 15, 2030 (subject to required regulatory approvals), and are not convertible or subject to a sinking fund. Univest entered into registration rights to exchange the notes for registered securities with substantially the same terms, with additional interest payable if obligations are not met.

Insights

Bank capital structure analyst

Debt refinancing adds Tier 2 capital and lowers coupon versus legacy notes.

Univest raised $50.0 million in subordinated debt at a 6.00% fixed rate to November 15, 2030, then SOFR + 2.615% to maturity on November 15, 2035. Management disclosed intent to apply proceeds toward redeeming 5.00% notes due 2030 that currently accrue at 9.15%, and separately noticed redemption of the remaining $80.0 million on or about November 15, 2025.

Mechanically, this shifts part of the stack into qualifying Tier 2 capital while reducing the stated coupon versus the outstanding 2030 notes during the fixed period. Actual interest expense will depend on amount refinanced, timing of redemption, and future SOFR levels after 2030.

Key items to watch include completion of the noted redemption on or about November 15, 2025, any required regulatory approvals for future calls, and fulfillment of registration rights to avoid additional interest.

UNIVEST FINANCIAL Corp false 0000102212 0000102212 2025-11-06 2025-11-06

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of The Securities Exchange Act of 1934

November 6, 2025

Date of Report (Date of earliest event reported)

UNIVEST FINANCIAL CORPORATION

(Exact name of registrant as specified in its charter)

Pennsylvania		0-7617		23-1886144
(State or other jurisdiction of incorporation)		(Commission File Number)		(IRS Employer Ident. No.)

14 North Main Street, Souderton, Pennsylvania		18964
(Address of principal executive offices)		(Zip Code)

(215) 721-2400

Registrant’s telephone number, including area code

N/A

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4 (c))

Securities registered pursuant to Section 12(b) of the Act:

Title of class		Trading Symbol		Name of exchange on which registered
Common Stock, $5 par value		UVSP		The NASDAQ Stock Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 1.01 Entry into a Material Definitive Agreement

On November 6, 2025, Univest Financial Corporation (the “Company”) entered into Subordinated Note Purchase Agreements (collectively, the “Subordinated Note Purchase Agreements”) with certain qualified institutional buyers and institutional accredited investors (collectively, the “Subordinated Note Purchasers”) pursuant to which the Company issued $50.0 million in aggregate principal amount of its 6.00% Fixed-to-Floating Rate Subordinated Notes due 2035 (the “Subordinated Notes”) at a price equal to 100% of the principal amount. The Subordinated Note Purchase Agreements include customary representations, warranties, and covenants. The representations, warranties, and covenants contained in the Subordinated Note Purchase Agreements were made only for purposes of the Subordinated Note Purchase Agreements and as of specific dates, were solely for the benefit of the parties to the Subordinated Note Purchase Agreements, and are not representations of factual information to investors about the Company or its subsidiaries.

The Subordinated Notes were offered and sold by the Company to the Subordinated Note Purchasers in a private placement transaction in reliance on the Section 4(a)(2) exemption from the registration requirements of the Securities Act of 1933, as amended (the “Securities Act”), and the provisions of Regulation D thereunder. The Company intends to use the proceeds from the offering to redeem its currently outstanding 5.000% Fixed-to-Floating Rate Subordinated Notes due 2030 (which currrently have a rate of 9.15%) and for general corporate purposes.

The Subordinated Notes mature on November 15, 2035 and bear interest at a fixed annual rate of 6.00%, payable semi-annually in arrears, to but excluding November 15, 2030. From and including November 15, 2030 to but excluding the maturity date or early redemption date, the interest rate will reset quarterly to an interest rate per annum initially equal to the then-current three-month Secured Overnight Financing Rate plus 261.5 basis points, payable quarterly in arrears. The Company is entitled to redeem the Subordinated Notes, in whole or in part, any time on or after November 15, 2030 and to redeem the Subordinated Notes at any time in whole upon certain other events. Any redemption of the Subordinated Notes will be subject to prior regulatory approval to the extent required.

On November 6, 2025, in connection with the issuance of the Subordinated Notes, the Company entered into Registration Rights Agreements (the “Registration Rights Agreements”) with the Subordinated Note Purchasers. Pursuant to the Registration Rights Agreements, the Company has agreed to take certain actions to provide for the exchange of the Subordinated Notes for subordinated notes that are registered under the Securities Act and have substantially the same terms as the Subordinated Notes (the “Exchange Notes”). Under certain circumstances, if the Company fails to meet its obligations under the Registration Rights Agreements, it would be required to pay additional interest to the holders of the Subordinated Notes.

The Subordinated Notes were issued under an Indenture, dated November 6, 2025 (the “Indenture”), by and between the Company and UMB Bank, N.A., as trustee. The Subordinated Notes are not subject to any sinking fund and are not convertible into or, other than with respect to the Exchange Notes, exchangeable for any other securities or assets of the Company or any of its subsidiaries. The Subordinated Notes are not subject to redemption at the option of the holders. The Subordinated Notes are unsecured, subordinated obligations of the Company only and are not obligations of, and are not guaranteed by, any subsidiary of the Company. The Subordinated Notes rank junior in right to payment to the Company’s current and future senior indebtedness. The Subordinated Notes are intended to qualify as Tier 2 capital for regulatory capital purposes.

The form of Subordinated Note Purchase Agreement, the form of Registration Rights Agreement, the Indenture, and the form of Subordinated Note are attached as Exhibits 10.1, 10.2, 4.1, and 4.2, respectively, to this Current Report on Form 8-K and are incorporated herein by reference. The foregoing

descriptions of the Subordinated Note Purchase Agreements, the Registration Rights Agreement, the Indenture, and the Subordinated Notes are not complete and are qualified in their entirety by reference to the complete text of the relevant exhibits to this Current Report on Form 8-K.

Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant

The information set forth and incorporated by reference in Item 1.01 of this Current Report on Form 8-K is incorporated by reference into this Item 2.03.

Item 7.01 Regulation FD Disclosure

On November 6, 2025, the Company issued a press release announcing the completion of the offering of the Subordinated Notes, a copy of which is furnished herewith as Exhibit 99.1. In connection with the offering of the Subordinated Notes, the Company delivered an investor presentation to potential investors on a confidential basis, a copy of which is furnished herewith as Exhibit 99.2.

The information contained in this Item 7.01 and Exhibits 99.1 and 99.2 shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of such section, nor will such information be deemed incorporated by reference in any filing under the Securities Act or the Exchange Act, except as may be expressly set forth by specific reference in such filing.

Item 8.01 Other Events

On October 29, 2025, the Company provided notice to the trustee to redeem the remaining $80.0 million of outstanding principal amount of its 5.00% Fixed-to-Floating Rate Subordinated Notes due 2030 (the “Notes”). The redemption price for the Notes will equal to 100% of the aggregate principal amount of the Notes, plus accrued and unpaid interest to, but excluding the redemption date. The redemption is expected to occur on or about November 15, 2025.

Item 9.01 Financial Statements and Exhibits

(d) Exhibits

Exhibit		Description
4.1		Indenture, dated November 6, 2025, between Univest Financial Corporation and UMB Bank, N.A., as trustee
4.2		Form of Subordinated Note (incorporated by reference to Exhibit A-1 to Exhibit 4.1)
10.1		Form of Subordinated Note Purchase Agreement
10.2		Form of Registration Rights Agreement
99.1		Press Release, dated November 6, 2025
99.2		Investor Presentation
104		Cover page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

				UNIVEST FINANCIAL CORPORATION
Dated: November 6, 2025				By:		/s/ Brian J. Richardson
				Name:		Brian J. Richardson
				Title:		Senior Executive Vice President and Chief Financial Officer

FAQ

What did UVSP announce regarding new debt?

Univest issued $50.0 million of 6.00% Fixed-to-Floating Rate Subordinated Notes due 2035 in a private placement at 100% of principal.

How will Univest (UVSP) use the proceeds?

The company intends to use proceeds to redeem its outstanding 5.00% subordinated notes due 2030 (currently at 9.15%) and for general corporate purposes.

When do the new UVSP notes pay fixed vs floating rates?

They pay 6.00% fixed to, but excluding, November 15, 2030, then reset quarterly to three‑month SOFR + 261.5 bps until maturity.

When do the new UVSP notes mature and become callable?

They mature on November 15, 2035 and are callable by the company, in whole or in part, on or after November 15, 2030, subject to any required regulatory approval.

What did UVSP disclose about the existing 2030 notes?

Univest gave notice to redeem the remaining $80.0 million principal of the 5.00% notes due 2030, with redemption expected on or about November 15, 2025.

Do the new UVSP notes qualify as regulatory capital?

Yes. The subordinated notes are intended to qualify as Tier 2 capital for regulatory purposes.

Are there registration rights tied to the new UVSP notes?

Yes. Univest agreed to exchange them for registered notes with substantially the same terms; failure to meet obligations triggers additional interest.