BB&T’s 5.625% noncumulative preferred stock admitted to NYSE

By Stephanie N. Rotondo

Seattle, March 11 – BB&T Corp.’s $425 million of 5.625% series H noncumulative perpetual preferred stock began trading on the New York Stock Exchange on Friday.

The ticker symbol is “BBTPH.” The deal priced March 2.

Initial price talk was 5.75% to 5.875% but was later revised to 5.565%.

The deal came upsized from $150 million.

The preferreds were issued as depositary shares representing a 1/1,000th interest.

BofA Merrill Lynch, BB&T Capital Markets, Credit Suisse Securities LLC, Deutsche Bank Securities LLC, Morgan Stanley & Co. LLC, UBS Securities LLC and Wells Fargo Securities LLC were the joint bookrunning managers. Co-managers included Raymond James & Co., RBC Capital Markets LLC and Stifel Nicolaus & Co. Inc.

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, 2021 at par plus accrued dividends.

Additionally, the Winston-Salem, N.C.-based bank can opt to redeem the shares in whole upon the occurrence of a regulatory capital treatment event.

Proceeds will be used for general corporate purposes, which may include acquisitions, common stock repurchases, debt repayment and refinancing, and/or extending credit to or funding investments in subsidiaries.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.