By Aleesia Forni
Virginia Beach, Dec. 3 – BB&T Corp. priced $1.5 billion of five-year medium-term senior notes, series E, (A2/A-/A+) in two tranches, according to two separate FWP filings with the Securities and Exchange Commission.
A $200 million tranche of floating-rate notes sold at par to yield Libor plus 71.5 basis points.
There was also $1.3 billion of 2.45% notes due 2020 sold at 99.855 to yield 2.48%, or Treasuries plus 87.5 bps.
The notes sold tighter than guidance.
The joint bookrunners were BB&T Capital Markets LLC, Deutsche Bank Securities Inc. and Morgan Stanley & Co. LLC.
Proceeds will be used for general corporate purposes, including the acquisition of companies, the repurchase of outstanding common stock, the repayment of maturing obligations and the refinancing of outstanding debt as well as extending credit to, or funding investments in, subsidiaries.
The bank and financial services company is based in Winston-Salem, N.C.
| Issuer: | BB&T Corp.
|
| Issue: | Medium-term notes, series E
|
| Amount: | $1.5 billion
|
| Bookrunners: | BB&T Capital Markets LLC, Deutsche Bank Securities Inc., Morgan Stanley & Co. LLC
|
| Co-managers: | Mischler Financial Group Inc., Samuel A. Ramirez & Co. Inc.
|
| Trade date: | Dec. 3
|
| Settlement date: | Dec. 8
|
| Ratings: | Moody’s: A2
|
| Standard & Poor’s: A-
|
| Fitch: A+
|
| Distribution: | SEC registered
|
|
|
| Five-year floaters
|
| Amount: | $200 million
|
| Maturity: | Jan. 15, 2020
|
| Coupon: | Libor plus 71.5 bps
|
| Price: | Par
|
| Yield: | Libor plus 71.5 bps
|
| Call option: | Redeemable on or after Dec. 15, 2019 at par plus accrued and unpaid interest
|
| Price talk: | Libor equivalent to five-year fixed-rate notes
|
|
|
| Five-year fixed-rate notes
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| Amount: | $1.3 billion
|
| Maturity: | Jan. 15, 2020
|
| Coupon: | 2.45%
|
| Price: | 99.855
|
| Yield: | 2.48%
|
| Spread: | Treasuries plus 87.5 bps
|
| Call option: | Redeemable on or after Dec. 15, 2019 at par plus accrued and unpaid interest
|
| Price talk: | 100 bps area
|
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