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Prospect News home > News index > List of issuers B > Headlines for Banco Bilbao Vizcaya Argentaria, SA > News item |
BBVA plans two-part dollar senior note offering due 2029, 2035
By Mary-Katherine Stinson
Lexington, Ky., March 5 – Banco Bilbao Vizcaya Argentaria SA plans to sell two tranches of dollar-denominated senior notes, according to a 424B5 filing with the Securities and Exchange Commission.
The bank will issue one tranche of senior preferred fixed-rate notes due 2029 and a second tranche of senior non-preferred callable fixed-to-fixed rate notes due 2035.
The initial interest rate of the 2035 notes will reset in 2034.
The 2035 notes will be callable, at the issuer’s option, on the interest reset date at par. Early redemptions, payable at par, may also be triggered for both series of notes for taxation reasons, upon a capital event or eligible liabilities event and for a clean-up call.
The joint bookrunning managers for the offering are BofA Securities, Inc., J.P. Morgan Securities LLC, Mizuho Securities USA LLC, Morgan Stanley & Co. LLC, RBC Capital Markets, LLC and Wells Fargo Securities, LLC. In addition, BBVA Securities Inc. has agreed to use its reasonable best efforts to procure purchasers for a certain principal amount of notes.
Bank of New York Mellon, London Branch will be the trustee.
J&A Garrigues SLP and Davis Polk & Wardwell LLP are counsel to the issuer. Sidley Austin LLP and Linklaters, SLP are advising the underwriters.
Proceeds will be used for general corporate purposes.
Listing will be on the New York Stock Exchange.
The multinational bank is based in Madrid.
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