By Aleesia Forni
Virginia Beach, May 27 – KeyBank NA sold on Wednesday a $1.75 billion three-tranche issue of senior bank notes, a market source said.
The company’s sale (A3/A-/A-) included $750 million of 1.7% notes due June 1, 2018 priced at Treasuries plus 75 basis points.
A $250 million floating-rate note due June 1, 2018 priced at Libor plus 52 bps.
The Cleveland-based financial services company also sold $750 million of 3.3% notes due June 1, 2025 at Treasuries plus 120 bps.
Goldman Sachs & Co., J.P. Morgan Securities LLC, KeyBank and Morgan Stanley & Co. LLC were the bookrunners.
Proceeds will be used for general corporate purposes.
| Issuer: | KeyBank NA
|
| Issue: | Senior bank notes
|
| Amount: | $1.75 billion
|
| Bookrunners: | Goldman Sachs & Co., J.P. Morgan Securities LLC, KeyBank, Morgan Stanley & Co. LLC
|
| Trade date: | May 27
|
| Ratings: | Moody’s: A3
|
| Standard & Poor’s: A-
|
| Fitch: A-
|
|
|
| Three-year notes
|
| Amount: | $750 million
|
| Maturity: | June 1, 2018
|
| Coupon: | 1.7%
|
| Spread: | Treasuries plus 75 bps
|
| Price talk: | Treasuries plus 85 bps
|
|
|
| Three-year floaters
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| Amount: | $250 million
|
| Maturity: | June 1, 2018
|
| Coupon: | Libor plus 52 bps
|
| Price guidance: | Libor equivalent
|
|
|
| 10-year notes
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| Amount: | $750 million
|
| Maturity: | June 1, 2025
|
| Coupon: | 3.3%
|
| Spread: | Treasuries plus 120 bps
|
| Price guidance: | Treasuries plus 130 bps area
|
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