By Aleesia Forni
Virginia Beach, Jan. 26 – SVB Financial Group sold an upsized $350 million of 3.5% senior notes (A3/BBB/) due 2025 with a spread of 170 basis points over Treasuries, according to an informed source and a FWP filed with the Securities and Exchange Commission.
The notes sold at the tight end of talk, which was set in the 175 bps area over Treasuries.
Pricing was at 99.916 to yield 3.51%.
The deal was upsized from $300 million.
J.P. Morgan Securities LLC and BofA Merrill Lynch were the bookrunners.
Proceeds will be used for general corporate purposes.
The financial services and bank holding company is based in Santa Clara, Calif.
| Issuer: | SVB Financial Group
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| Amount: | $350 million, upsized from $300 million
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| Description: | Senior notes
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| Maturity: | Jan. 29, 2025
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| Bookrunners: | J.P. Morgan Securities LLC, BofA Merrill Lynch
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| Co-managers: | Keefe, Bruyette & Woods Inc., RBC Capital Markets LLC, Sandler O’Neill + Partners LP
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| Coupon: | 3.5%
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| Price: | 99.916
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| Yield: | 3.51%
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| Spread: | Treasuries plus 170 bps
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| Trade date: | Jan. 26
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| Settlement date: | Jan. 29
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| Make-whole call: | Treasuries plus 30 bps
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| Ratings: | Moody’s: A3
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| Standard & Poor’s: BBB
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| Distribution: | SEC-registered
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| Price talk: | 175 bps area
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