M&T Bank plans to price series A senior fixed-to-floaters due 2029

By Marisa Wong

Los Angeles, Nov. 17 – M&T Bank Corp. plans to price fixed-rate/floating-rate senior notes, series A, due Oct. 30, 2029 (Cusip: 55261FAS3), according to a 424B5 filing with the Securities and Exchange Commission.

The notes will bear interest at a fixed rate of 7.413% initially. The coupon resets on Oct. 30, 2028 to a floating rate of SOFR plus 260 basis points.

The notes will feature a make-whole call at Treasuries plus 40 bps until Oct. 30, 2028, followed by a par call.

RBC Capital Markets, LLC is the bookrunner.

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 purposes.

The financial holding company is based in Buffalo, N.Y.

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