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BB&T to sell noncumulative perpetual preferreds; price talk 5.25% area
By Stephanie N. Rotondo
Phoenix, April 24 - BB&T Corp. is planning an offering of at least $200 million of series G noncumulative perpetual preferreds, according to a prospectus filed with the Securities and Exchange Commission on Wednesday.
The preferreds will be issued as depositary shares representing a 1/1,000th interest.
Price talk is around 5.25%, a trader said.
BofA Merrill Lynch, BB&T Capital Markets, Deutsche Bank Securities Inc., Morgan Stanley & Co. LLC, UBS Securities LLC and Wells Fargo Securities LLC are the joint bookrunning managers.
When declared, dividends will be payable on the first day of March, June, September and December, beginning June 1. The preferreds become redeemable on or after June 1, 2018 at par plus accrued dividends.
Additionally, the Winston-Salem, N.C.-based financial institution can call the stock in whole prior to June 1, 2018 in the case of a regulatory capital treatment event.
The company intends to list the new securities on the New York Stock Exchange under the ticker symbol "BBTPG."
Proceeds will be used for general corporate purposes, which may include acquisitions, common stock repurchases, debt repayments and extending credit to or funding investments in subsidiaries.
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