By Andrea Heisinger
Omaha, Jan. 23 - National City Corp. priced $500 million fixed-to-floating rate normal automatic preferred enhanced capital securities at par to yield 12%, an informed source said.
The securities (Baa1/BBB+) are perpetual and were issued through the company's subsidiary, National City Preferred Capital Trust I.
Goldman Sachs & Co. was the bookrunner.
The bank is based in Cleveland.
| Issuer: | National City Preferred Capital Trust I
|
| Issue: | Fixed-to-floating rate normal automatic preferred enhanced capital securities
|
| Amount: | $500 million
|
| Maturity: | Perpetual
|
| Bookrunner: | Goldman Sachs & Co.
|
| Coupon: | 12%
|
| Price: | Par
|
| Yield: | 12%
|
| Trade date: | Jan. 23
|
| Settlement date: | Jan. 30
|
| Ratings: | Moody's: Baa1
|
| Standard & Poor's: BBB+
|
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