By Andrea Heisinger
Omaha, Feb. 5 - Wachovia Corp. priced $3.5 billion fixed-to-floating rate perpetual preferred stock on Tuesday at par of $1,000, an informed source said.
The non-cumulative notes (A2/A/A+) have a dividend of 7.98% for 10 years and then switch to a floating-rate of Libor plus 377 basis points.
They are non-callable for 10 years.
Bookrunner was Wachovia Capital Securities LLC.
The investment bank is based in Charlotte, N.C.
| Issuer: | Wachovia Corp.
|
| Issue: | Fixed-to-floating rate non-cumulative preferred stock
|
| Amount: | $3.5 billion
|
| Maturity: | Perpetual
|
| Bookrunner: | Wachovia Capital Securities LLC
|
| Dividend: | 7.98% for 10 years, then Libor plus 377 bps
|
| Price: | Par of $1,000
|
| Call: | Non-callable for 10 years
|
| Trade date: | Feb. 5
|
| Settlement date: | Feb. 8
|
| Ratings: | Moody's: A2
|
| Standard & Poor's: A
|
| Fitch: A+
|
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