By Cristal Cody
Tupelo, Miss., May 18 – Synchrony Bank priced $750 million of 3.95% three-year senior bank notes (BBB/BBB-) on Friday at a spread of Treasuries plus 98 basis points, according to a market source.
The notes were initially talked to price in the Treasuries plus 112.5 bps area.
The final order book was more than $1.8 billion.
BofA Merrill Lynch, Citigroup Global Markets Inc. and MUFG were the bookrunners.
Proceeds will be used for general corporate purposes, which may include the partial funding of parent company Synchrony Financial’s acquisition of PayPal Holding Inc.’s U.S. credit portfolio.
Synchrony is a consumer financial services company based in Stamford, Conn.
| Issuer: | Synchrony Bank
|
| Amount: | $750 million
|
| Description: | Senior bank notes
|
| Maturity: | May 24, 2021
|
| Bookrunners: | BofA Merrill Lynch, Citigroup Global Markets Inc. and MUFG
|
| Coupon: | 3.65%
|
| Spread: | Treasuries plus 98 bps
|
| Trade date: | May 18
|
| Ratings: | S&P: BBB
|
| Fitch: BBB-
|
| Price talk: | Treasuries plus 112.5 bps area
|
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