By Andrea Heisinger
New York, Sept. 3 - BB&T Capital Trust V priced $450 million, or 18 million, extendible enhanced trust preferred securities on Wednesday, according to an FWP filing with the Securities and Exchange Commission.
The securities (A1/A-/A+) are initially due Sept. 15, 2063, with the option of an extension on quarterly dividend payment dates, to Sept. 15, 2068. The extension option can be exercised on payment dates through and including June 15, 2018.
The securities have a dividend of 8.95% until Sept. 15, 2063, and if the maturity is extended past that date, then have a floating-rate payment of three-month Libor plus 419 basis points until final maturity.
The securities are callable on or after Sept. 15, 2013.
There is an over-allotment option of $50 million, or 2 million securities.
Bookrunners are Merrill Lynch, Pierce, Fenner & Smith Inc., BB&T Securities and Morgan Stanley & Co., Inc.
Senior co-managers are Citigroup Global Markets Inc., Wachovia Capital Markets and UBS Investment Bank. Co-managers are Banc of America Securities LLC, RBC Capital Markets, Barclays Capital Inc., Credit Suisse Securities, Deutsche Bank Securities, Goldman Sachs & Co., J.P. Morgan Securities Inc. and Lehman Brothers Inc.
Proceeds will be used for general corporate purposes, including the acquisition of other companies, repurchasing outstanding shares of common stock, extending credit or funding investments in subsidiaries.
The financial services company is based in Winston-Salem, N.C.
| Issuer: | BB&T Capital Trust V
|
| Guarantor: | BB&T Corp.
|
| Issue: | Enhanced trust preferred securities
|
| Amount: | $450 million (18 million securities)
|
| Greenshoe: | $50 million (2 million securities)
|
| Maturity: | Sept. 15, 2063 (initial), Sept. 15, 2068 (final)
|
| Bookrunners: | Merrill Lynch, Pierce, Fenner & Smith Inc., BB&T Securities, Morgan Stanley & Co., Inc.
|
| Senior co-managers: | Citigroup Global Markets Inc., Wachovia Capital Markets, UBS Investment Bank
|
| Co-managers: | Banc of America Securities LLC, RBC Capital Markets, Barclays Capital Inc., Credit Suisse Securities, Deutsche Bank Securities, Goldman Sachs & Co., J.P. Morgan Securities Inc., Lehman Brothers Inc.
|
| Dividend: | 8.95% until Sept. 15, 2063, then three-month Libor plus 419 bps if extended
|
| Price: | Par of $25
|
| Call: | On or after Sept. 15, 2013
|
| Trade date: | Sept. 3
|
| Settlement date: | Sept. 10
|
| Ratings: | Moody's: A1
|
| Standard & Poor's: A-
|
| Fitch: A+
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
