By Stephanie N. Rotondo
Phoenix, Oct. 24 - BB&T Corp. issued $450 million of 5.2% series F noncumulative perpetual preferred stock on Wednesday, a trader told Prospect News.
Dividends on the $25-par securities, when declared, will be paid on the first day of February, May, August and November, beginning Feb. 1, 2013. The preferreds become redeemable on or after Nov. 1, 2017 or upon the occurrence of a regulatory capital treatment event.
Joint bookrunners are Bank of America Merrill Lynch, BB&T Capital Markets, Deutsche Bank Securities Inc., Goldman Sachs & Co., Morgan Stanley & Co. LLC, UBS Securities LLC and Wells Fargo Securities LLC.
Proceeds will be used for general corporate purposes, including possible acquisitions, the repurchase of outstanding common stock, the repayment or refinancing of debt and to provide funding for the company's subsidiaries.
BB&T is a Winston-Salem, N.C.-based financial holding company.
| Issuer: | BB&T Corp.
|
| Securities: | Series F noncumulative preferred stock
|
| Amount: | $450 million
|
| Greenshoe: | $50 million
|
| Maturity: | Perpetual
|
| Bookrunners: | Bank of America Merrill Lynch, BB&T Capital Markets, Deutsche Bank Securities Inc., Goldman Sachs & Co., Morgan Stanley & Co. Inc., UBS Securities LLC, Wells Fargo Securities LLC
|
| Dividend: | 5.2%
|
| Price: | Par of $25.00
|
| Yield: | 5.2%
|
| Talk: | Initially around 5.375%, then revised to 5.2%
|
| Call option: | On or after Nov. 1, 2017 or upon the occurrence of a regulatory capital treatment event
|
| Pricing date: | Oct. 24
|
| Settlement date: | Oct. 31
|
| Expected ratings: | Moody's: Baa2
|
| Standard & Poor's: BBB
|
| Fitch: BBB-
|
| Expected symbol: | NYSE: BBTPF
|
| Cusip: | 054937602
|
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