By Andrea Heisinger
New York, Nov. 14 - BB&T Corp. was in the market with a $500 million sale of 1.45% medium-term senior notes due 2018 on Wednesday with a spread of Treasuries plus 85 basis points, an informed source said.
The notes (A2/A-/A+) were sold wider than talk that was in the 78 bps area, plus or minus 1 bp, the source said.
Pricing was at 99.876 to yield 1.475%.
The bonds are callable on or after December 2017.
Bookrunners were Barclays, BB&T Capital Markets, Deutsche Bank Securities Inc. and Jefferies & Co.
Proceeds will be used for general corporate purposes.
BB&T was last in the bond market with a $750 million sale of 1.6% five-year notes priced at 93 bps over Treasuries on Aug. 7.
The bank and financial services company is based in Winston-Salem, N.C.
| Issuer: | BB&T Corp.
|
| Issue: | Medium-term senior notes
|
| Amount: | $500 million
|
| Maturity: | Jan. 12, 2018
|
| Bookrunners: | Barclays, BB&T Capital Markets, Deutsche Bank Securities Inc., Jefferies & Co.
|
| Coupon: | 1.45%
|
| Price: | 99.876
|
| Yield: | 1.475%
|
| Spread: | Treasuries plus 85 bps
|
| Call: | On or after December 2017
|
| Trade date: | Nov. 14
|
| Settlement date: | Nov. 21
|
| Ratings: | Moody's: A2
|
| Standard & Poor's: A-
|
| Fitch: A+
|
| Price talk: | 78 bps area, plus or minus 1 bp
|
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