By Devika Patel
Knoxville, Tenn., Jan. 28 – Discover Financial Services sold $600 million of 4.5% seven-year senior notes (Baa3/BBB-/BBB+) on Monday at a spread of 187.5 basis points over Treasuries, according an FWP filing with the Securities and Exchange Commission.
The notes priced at 99.84 to yield 4.527%.
BofA Merrill Lynch, Barclays and Goldman Sachs & Co. LLC were the joint bookrunners.
Proceeds will be used for general corporate purposes.
Discover is a Riverwoods, Ill.-based direct banking and payment services company.
| Issuer: | Discover Financial Services
|
| Description: | Senior notes
|
| Amount: | $600 million
|
| Maturity: | Jan. 30, 2026
|
| Bookrunners: | BofA Merrill Lynch, Barclays and Goldman Sachs & Co. LLC
|
| Senior co-managers: | Deutsche Bank Securities Inc., SG Americas Securities LLC and Wells Fargo Securities LLC
|
| Junior co-manager: | Williams Capital Group, LP
|
| Coupon: | 4.5%
|
| Price: | 99.84
|
| Yield: | 4.527%
|
| Spread: | Treasuries plus 187.5 bps
|
| Call feature: | On or after Nov. 30, 2025 at par
|
| Trade date: | Jan. 28
|
| Settlement date: | Jan. 31
|
| Ratings: | Moody’s: Baa3
|
| S&P: BBB-
|
| Fitch: BBB+
|
| Distribution: | SEC registered
|
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