By Cristal Cody
Tupelo, Miss., Feb. 6 – First Republic Bank priced $500 million of 1.912% four-year senior fixed-to-floating rate notes (Baa1/A-/A-) on Wednesday at a spread of Treasuries plus 48 basis points, according to a market source and a company news release.
The notes were initially talked to price at 65 bps over Treasuries.
The rate will be reset Feb. 12, 2023 to but excluding Feb. 12, 2024 to a floating rate of compounded SOFR plus 62 bps, payable quarterly.
BofA Securities, Inc., Goldman, Sachs & Co. LLC, J.P. Morgan Securities LLC and Morgan Stanley & Co. LLC were the bookrunners.
Proceeds will be used for general corporate purposes, which may include funding loans or purchasing investment securities for the bank’s portfolio.
First Republic Bank is a banking and wealth management company based in San Francisco.
| Issuer: | First Republic Bank
|
| Amount: | $500 million
|
| Description: | Senior fixed-to-floating rate notes
|
| Maturity: | Feb. 12, 2024
|
| Bookrunners: | BofA Securities, Inc., Goldman, Sachs & Co. LLC, J.P. Morgan Securities LLC and Morgan Stanley & Co. LLC
|
| Co-manager: | Siebert Williams Shank & Co. LLC
|
| Coupon: | 1.912%; resets Feb. 12, 2023 to but excluding Feb. 12, 2024 to floating rate of compounded SOFR plus 62 bps payable quarterly
|
| Spread: | Treasuries plus 48 bps
|
| Trade date: | Feb. 5
|
| Settlement date: | Feb. 12
|
| Ratings: | Moody’s: Baa1
|
| S&P: A-
|
| Fitch: A-
|
| Distribution: | Public
|
| Price guidance: | Treasuries plus 65 bps area
|
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