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M&T Bank offers $500 million $1,000-par fixed-to-floating preferreds; price talk 5.25%
By Stephanie N. Rotondo
Seattle, Oct. 25 – M&T Bank Corp. is offering $500 million of $1,000-par series F fixed-to-floating rate noncumulative perpetual preferred stock (expected ratings: Baa2/BBB-/BB+), the company said in a prospectus filed with the Securities and Exchange Commission on Tuesday.
Price talk is 5.25%. The deal is not expected to grow.
J.P. Morgan Securities LLC, Credit Suisse Securities (USA) LLC, RBC Capital Markets and UBS Securities LLC are the joint bookrunners.
When declared, dividends will be fixed and payable semiannually through November 2026. After that date, the rate will begin to float at Libor plus a spread and will be paid on a quarterly basis.
The preferreds become redeemable in November 2026 or within 90 days of a regulatory capital treatment event at par plus accrued dividends.
The securities will not be listed.
The Buffalo, N.Y.-based bank plans to use the proceeds for general corporate purposes, which may include the redemption of the 6.875% series D noncumulative perpetual preferred stock.
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