By Cristal Cody
Tupelo, Miss., March 20 – Webster Financial Corp. sold $300 million of 4.1% 10-year senior notes (Baa1/BBB) on Wednesday at a spread of 160 basis points over Treasuries, according to a market source.
The notes priced on the tight side of guidance that was in the Treasuries plus 165 bps area.
J.P. Morgan Securities LLC, Sandler O’Neill + Partners, LP and BofA Merrill Lynch were the bookrunners.
Proceeds will be used for general corporate purposes, including debt refinancing, reduction or repayment.
Webster Financial is a Waterbury, Conn.-based bank holding company.
| Issuer: | Webster Financial Corp.
|
| Amount: | $300 million
|
| Description: | Senior notes
|
| Maturity: | March 25, 2029
|
| Bookrunners: | J.P. Morgan Securities LLC, Sandler O’Neill + Partners, LP and BofA Merrill Lynch
|
| Coupon: | 4.1%
|
| Spread: | Treasuries plus 160 bps
|
| Trade date: | March 20
|
| Ratings: | Moody’s: Baa1
|
| S&P: BBB
|
| Distribution: | SEC registered
|
| Price guidance: | Treasuries plus 165 bps area, plus or minus 5 bps; initial talk at Treasuries plus 175 bps-187.5 bps area
|
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