By Mary-Katherine Stinson and Cristal Cody
Lexington, Ky., March 12 – M&T Bank Corp. priced $850 million of 6.082% fixed rate/floating rate senior medium-term notes, series A, due 2032 at par, or at a spread of 198 basis points above Treasuries, according to a FWP filed with the Securities and Exchange Commission.
Price talk was in the Treasuries plus 225 bps area, according to a market source.
The notes will bear interest at 6.082% initially, which later converts to a floating rate. During the floating-rate period beginning March 13, 2031, the coupon will be based on SOFR plus 226 bps, subject to a 0% floor.
The SEC-registered notes will feature a make-whole call beginning Sept. 9, 2024 at Treasuries plus 30 bps, followed by a par call on March 13, 2031 and beginning Jan. 13, 2032.
Barclays, Citigroup and M&T Securities, Inc. are the joint bookrunning managers.
The financial holding company is based in Buffalo, N.Y.
| Issuer: | M&T Bank Corp.
|
| Amount: | $850 million
|
| Issue: | Senior medium-term notes, series A
|
| Maturity: | March 13, 2032; resets on March 13, 2031 to SOFR plus 226 bps
|
| Bookrunners: | Barclays, Citigroup Global Markets Inc. and M&T Securities, Inc.
|
| Co-managers: | Loop Capital Markets LLC and R. Seelaus & Co., LLC
|
| Coupon: | 6.082% initially; converts to SOFR plus 260 bps beginning March 13, 2031
|
| Price: | Par
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| Yield: | 6.082%
|
| Spread: | Treasuries plus 198 bps
|
| Call features: | At Treasuries plus 30 bps beginning on Sept. 9, 2024; at par on March 13, 2031; at par beginning Jan. 13, 2032
|
| Trade date: | March 11
|
| Settlement date: | March 13
|
| Distribution: | SEC registered
|
| Price talk: | Treasuries plus 225 bps area
|
| Cusip: | 55261FAT1
|
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