By Mary-Katherine Stinson and Cristal Cody
Lexington, Ky., Oct. 27 – M&T Bank Corp. priced a tranche of fixed-rate/floating-rate senior notes on Thursday, according to a 424B5 filing with the Securities and Exchange Commission and details from a market source.
The $750 million of notes due Oct. 30, 2029 priced at par, or at a spread of 260 basis points over Treasuries. Price talk was in the Treasuries plus 280 bps area.
The notes will bear interest at 7.413% initially, which later converts to a floating rate. During the floating-rate period beginning Oct. 30, 2028, the coupon will be based on SOFR plus 280 bps, subject to a 0% floor.
The SEC-registered notes will feature a make-whole call beginning April 27, 2024 and before Oct. 30, 2028 at Treasuries plus 40 bps, followed by a par call on Oct. 30, 2028 and beginning Sept. 30, 2029.
BofA Securities, Inc., M&T Securities, Inc., Morgan Stanley & Co. LLC and RBC Capital Markets, LLC are the joint bookrunning managers.
Proceeds, which will be $748,927,500 before expenses, will be used for general corporate and banking purposes.
The financial holding company is based in Buffalo, N.Y.
| Issuer: | M&T Bank Corp.
|
| Amount: | $750 million
|
| Issue: | Senior medium-term notes, series A
|
| Maturity: | Oct. 30, 2029
|
| Bookrunners: | BofA Securities, Inc., M&T Securities, Inc., Morgan Stanley & Co. LLC and RBC Capital Markets, LLC
|
| Co-managers: | Academy Securities, Inc. and Siebert Williams Shank & Co., LLC
|
| Counsel to issuer: | Squire Patton Boggs (US) LLP
|
| Counsel to underwriters: | Sullivan & Cromwell LLP
|
| Coupon: | 7.413% initially; converts to SOFR plus 280 bps beginning Oct. 30, 2028
|
| Price: | Par
|
| Yield: | 7.413%
|
| Spread: | Treasuries plus 260 bps
|
| Call features: | Make-whole call at Treasuries plus 40 bps beginning April 27, 2024; at par on Oct. 30, 2028 and beginning Sept. 30, 2029
|
| Trade date: | Oct. 26
|
| Settlement date: | Oct. 30
|
| Distribution: | SEC registered
|
| Price talk: | Treasuries plus 280 bps area
|
| Cusip: | 55261FAS3
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
