By Andrea Heisinger
New York, April 27 - BB&T Corp. priced $800 million senior notes late Monday in five- and 10-year tranches, a market source said.
Underwriters for the sale said they did not have the legal sign-off to give terms because of the lateness of pricing.
The $400 million of five-year notes priced to yield Treasuries plus 385 basis points, while the $400 million of 10-year notes priced at Treasuries plus 395 bps, the source said.
Active bookrunners were Barclays Capital Inc. and J.P. Morgan Securities Inc. The passive bookrunner was BB&T Capital Markets.
Proceeds will be used for general corporate purposes, including partial funding of the repurchase of BB&T's fixed-rate cumulative perpetual preferred stock issued to the U.S. Treasury on Nov. 14, 2008 as part of the Troubled Asset Relief Program.
The holding company for Branch Banking and Trust Co. is based in Winston-Salem, N.C.
| Issuer: | BB&T Corp.
|
| Issue: | Senior medium-term notes
|
| Total amount: | $800 million
|
| Bookrunners: | Barclays Capital Inc., J.P. Morgan Securities Inc. (active), BB&T Capital Markets (passive)
|
| Trade date: | April 27
|
|
|
| Five-year notes
|
| Amount: | $400 million
|
| Maturity: | 2014
|
| Spread: | Treasuries plus 385 bps
|
|
|
| 10-year notes
|
| Amount: | $400 million
|
| Maturity: | 2019
|
| Spread: | Treasuries plus 395 bps
|
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