Discover Financial preps offering of fixed-to-floaters due 2034

By Mary-Katherine Stinson

Lexington, Ky., Oct. 30 – Discover Financial Services is offering dollar-denominated fixed-to-floating rate senior notes, according to a 424B5 filing with the Securities and Exchange Commission on Monday morning.

The notes will bear interest at a fixed rate initially, then transfer to compounded SOFR plus a margin on a date in 2033.

The notes feature a par call on the date in 2033 that is one year prior to the maturity date, and beginning 90 days before maturity.

Barclays, BofA Securities, Inc., Citigroup Global Markets Inc. and RBC Capital Markets, LLC are bookrunners for the deal.

U.S. Bank Trust Co., NA is the trustee.

Sidley Austin LLP is advising the issuer, and Mayer Brown LLP is working as counsel to the underwriters.

Proceeds will be used for general corporate purposes.

Discover Financial Services is a Riverwoods, Ill.-based digital payment and payment services company.

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