New Issue: Regions Financial gives details on $500 million of 3.8% notes due 2023

By Devika Patel

Knoxville, Tenn., Aug. 9 – Regions Financial Corp. offered further details about a $500 million sale of 3.8% five-year senior notes (Baa2/BBB+/BBB+) that priced on Wednesday at a spread of 98 basis points over Treasuries, according to an FWP filed with the Securities and Exchange Commission.

The notes were guided to price in the Treasuries plus 100 bps area, plus or minus 2 bps, and were initially talked to print in the Treasuries plus 110 bps area. The notes priced at 99.941 to yield 3.813%.

RBC Capital Markets, LLC, Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC and Regions Securities LLC were the bookrunners.

Proceeds will be used for general corporate purposes, including to repurchase shares of the company’s common stock.

Regions is a financial services company based in Birmingham, Ala.

Issuer:	Regions Financial Corp.
Amount:	$500 million
Description:	Senior notes
Maturity:	Aug. 14, 2023
Bookrunners:	RBC Capital Markets, LLC, Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC and Regions Securities LLC
Co-managers:	Academy Securities, Inc., Credit Suisse Securities (USA) LLC and R. Seelaus & Co., Inc.
Coupon:	3.8%
Price:	99.941
Yield:	3.813%
Spread:	Treasuries plus 98 bps
Call:	Make-whole call at Treasuries plus 15 bps until July 14, 2023, then a par call
Trade date:	Aug. 8
Settlement date:	Aug. 13
Ratings:	Moody’s: Baa2
	S&P: BBB+
	Fitch: BBB+
Distribution:	SEC registered
Price guidance:	Treasuries plus 100 bps area, plus or minus 2 bps; initial price talk at Treasuries plus 110 bps area

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