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M&T Bank to price fixed-to-floating notes via four bookrunners
By William Gullotti
Buffalo, N.Y., Oct. 26 – M&T Bank Corp. plans to price fixed-rate/floating-rate senior notes, according to a 424B5 filing with the Securities and Exchange Commission.
The notes will bear interest at a fixed rate initially, which later converts to a floating rate. During the floating-rate period, the coupon will be based on SOFR.
The notes will feature a make-whole call, followed by a par call.
BofA Securities, Inc., M&T Securities, Inc., Morgan Stanley & Co. LLC and RBC Capital Markets, LLC are the joint bookrunning managers.
Sullivan & Cromwell LLP will act as counsel for the underwriters, and Squire Patton Boggs (US) LLP will act as counsel for the issuer.
Proceeds will be used for general corporate and banking purposes.
The financial holding company is based in Buffalo, N.Y.
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