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BB&T plans to issue minimum of $250 million series E noncumulative perpetual preferreds
By Stephanie N. Rotondo
Phoenix, July 24 - BB&T Corp. will sell at least $250 million series E noncumulative perpetual preferred stock, the company said in a prospectus filed with the Securities and Exchange Commission on Tuesday.
Price talk is 5.625% to 5.75%, according to a trader.
The preferreds will be issued as depositary shares representing a 1/1,000th of an interest in each share.
When declared by the board of directors, dividends will be paid on a quarterly basis on the first day of February, May, August and November.
The preferreds can be redeemed in August 2017 or upon the occurrence of a regulatory capital treatment event.
BB&T will apply to list the new series of preferreds on the New York Stock Exchange under the ticker symbol "BBTPE."
The joint bookrunners are Bank of America Merrill Lynch, BB&T Capital Markets, Deutsche Bank Securities Inc., Morgan Stanley & Co. LLC, UBS Securities LLC and Wells Fargo Securities LLC. Co-managers are Raymond James & Associates Inc., RBC Capital Markets LLC and Stifel, Nicolaus & Co. Inc.
Proceeds will be used for general corporate purposes, which may include the acquisition of other companies, repurchasing common shares, paying down or refinancing maturing debt and extending credit or funding investments in subsidiaries.
BB&T is a Winston-Salem, N.C.-based financial holding company.
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