By Andrea Heisinger
New York, April 25 - BB&T Corp. sold $1 billion of three-year notes (A2/A/A+) in two parts on Monday, a source close to the sale said late in the day.
The $300 million of three-year floating-rate notes priced at par to yield three-month Libor plus 70 basis points. This was at the low end of guidance in the Libor plus 75 bps area.
A $700 million tranche of 2.05% three-year fixed-rate notes sold at 99.954 to yield 2.066% with a spread of Treasuries plus 95 bps. This was also at the tight end of talk in the 95 bps to 100 bps range.
Both notes are non-callable.
Bookrunners were BB&T Capital Markets and Deutsche Bank Securities Inc.
Proceeds are being used for general corporate purposes.
The financial services company is based in Winton-Salem, N.C.
| Issuer: | BB&T Corp.
|
| Issue: | Notes
|
| Amount: | $1 billion
|
| Bookrunners: | BB&T Capital Markets, Deutsche Bank Securities Inc.
|
| Trade date: | April 25
|
| Settlement date: | April 28
|
| Ratings: | Moody's: A2
|
| Standard & Poor's: A
|
| Fitch: A+
|
|
|
| Three-year floaters
|
| Amount: | $300 million
|
| Maturity: | April 28, 2014
|
| Coupon: | Three-month Libor plus 70 bps
|
| Price: | Par
|
| Yield: | Three-month Libor plus 70 bps
|
| Call: | Non-callable
|
| Price talk: | Libor plus 75 bps area
|
|
|
| Three-year fixed-rate notes
|
| Amount: | $700 million
|
| Maturity: | April 28, 2014
|
| Coupon: | 2.05%
|
| Price: | 99.954
|
| Yield: | 2.066%
|
| Spread: | Treasuries plus 95 bps
|
| Call: | Non-callable
|
| Price talk: | 95 bps to 100 bps
|
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