By Cristal Cody
Tupelo, Miss., Dec. 3 – Branch Banking & Trust Co. priced $1.25 billion of 2.15% five-year senior notes on Tuesday at a spread of Treasuries plus 65 basis points, according to a market source.
The notes (A1/A/A+) were initially talked to print with a spread in the Treasuries plus 75 bps area.
BofA Securities, Inc., BB&T Capital Markets, RBC Capital Markets LLC and SunTrust Robinson Humphrey Inc. were the bookrunners.
The bank is a subsidiary of Winston-Salem, N.C.-based financial services company BB&T Corp.
BB&T’s merger with SunTrust Banks, Inc. that was announced at the start of the year is scheduled to close on Friday.
| Issuer: | Branch Banking & Trust Co.
|
| Amount: | $1.25 billion
|
| Description: | Senior notes
|
| Maturity: | Dec. 6, 2024
|
| Bookrunners: | BofA Securities, Inc., BB&T Capital Markets, RBC Capital Markets LLC and SunTrust Robinson Humphrey Inc.
|
| Coupon: | 2.15%
|
| Spread: | Treasuries plus 65 bps
|
| Trade date: | Dec. 3
|
| Ratings: | Moody’s: A1
|
| S&P: A
|
| Fitch: A+
|
| Price guidance: | Treasuries plus 75 bps area
|
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