By Aleesia Forni
Virginia Beach, Feb. 4 - Webster Financial Corp. priced a $150 million issue of 4.375% senior notes due 2024 on Tuesday with a spread of 185 basis points over Treasuries, according to a market source and an FWP filed with the Securities and Exchange Commission.
The notes (Baa1/BBB-/) priced at 99.208 to yield 4.474%.
Joint bookrunners were Deutsche Bank Securities Inc., Jefferies & Co. and Sandler O'Neill + Partners, LP.
Proceeds will be used for general corporate purposes, which may include refinancing, reduction or repayment of debt, investments in Webster Bank, NA and other subsidiaries as regulatory capital, financing of possible acquisitions, repurchases of stock, expansion of the business, and investments at the holding company level.
Webster Financial is a Waterbury, Conn.-based bank holding company.
| Issuer: | Webster Financial Corp.
|
| Amount: | $150 million
|
| Description: | Senior notes
|
| Maturity: | Feb. 15, 2024
|
| Bookrunners: | Deutsche Bank Securities Inc., Jefferies & Co., Sandler O'Neill + Partners, LP
|
| Coupon: | 4.375%
|
| Price: | 99.208
|
| Yield: | 4.474%
|
| Spread: | Treasuries plus 185 bps
|
| Trade date: | Feb. 4
|
| Settlement date: | Feb. 11
|
| Ratings: | Moody's: Baa1
|
| Standard & Poor's: BBB-
|
| Make-whole call: | Treasuries plus 30 bps prior to Jan.16, 2024, then callable at par
|
| Distribution: | SEC registered
|
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