Published on 12/18/2007 in the Prospect News Investment Grade Daily.
New Issue: Wachovia prices $2 billion of 8% preferred stock at $25
By Andrea Heisinger
Omaha, Dec. 18 - Wachovia Corp. priced $2 billion, or 80 million shares, of 8% non-cumulative preferred stock on Tuesday, according to an FWP filing with the Securities and Exchange Commission.
The perpetual shares (A2/A/A+) are priced at $25 and are callable on dividend dates beginning Dec. 15, 2017 at par.
There is an over-allotment option for 12 million shares.
Proceeds will be used for general corporate purposes.
Wachovia Capital Securities LLC was bookrunner. Senior co-managers were Citigroup Global Markets, Merrill Lynch, Pierce, Fenner & Smith Inc., Morgan Stanley & Co. Inc. and UBS Securities LLC.
The investment bank is based in Charlotte, N.C.
| Issuer: | Wachovia Corp.
|
| Issue: | Non-cumulative preferred stock
|
| Amount: | $2 billion
|
| Shares: | 80 million shares
|
| Greenshoe: | 12 million shares
|
| Maturity: | Perpetual
|
| Bookrunner: | Wachovia Capital Securities LLC
|
| Senior co-managers: | Citigroup Global Markets, Merrill Lynch, Pierce, Fenner & Smith Inc., Morgan Stanley & Co. Inc., UBS Securities LLC
|
| Junior co-managers: | Banc of America Securities LLC, Barclays Capital Inc., Cabrera Capital Markets LLC, Deutsche Bank Securities Inc., Fifth Third Securities Inc., Goldman, Sachs & Co., Greenwich Capital Markets Inc., ING Financial Markets LLC, KeyBanc Capital Markets, a division of McDonald Investments Inc., Lehman Brothers Inc., NatCity Investments, Inc., RBC Dain Rauscher Inc., Samuel A. Ramirez & Co. Inc., Sandler O'Neill & Partners, LP, The Williams Capital Group LP, Wells Fargo Securities LLC
|
| Dividend: | 8%, payable quarterly
|
| Price: | $25 per share
|
| Call: | On dividend dates beginning Dec. 15, 2017, at par
|
| Trade date: | Dec. 18
|
| Settlement date: | Dec. 21
|
| Ratings: | Moody's: A2
|
| Standard & Poor's: A
|
| Fitch: A+
|
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