Published on 11/7/2023 in the Prospect News Investment Grade Daily.
New Issue: Ameriprise Financial sells $600 million 5.7% senior notes due 2028 at 120 bps spread
By Wendy Van Sickle
Columbus, Ohio, Nov. 7 – Ameriprise Financial Inc. priced $600 million of 5.7% senior notes due Dec. 15, 2028 (A3/A-/A-/A.M. Best: a-) on Tuesday, according to an FWP filing with the Securities and Exchange Commission.
The notes priced at 99.833 to yield 5.736%, or a spread of 120 basis points over Treasuries.
The notes feature a make-whole call followed by a par call.
Citigroup Global Markets Inc., BofA Securities, Inc., J.P. Morgan Securities LLC, Goldman Sachs & Co. LLC and Wells Fargo Securities, LLC are the joint bookrunners.
Proceeds will be used for general corporate purposes, which may include the repayment of the company’s 3.7% senior notes due 2024.
Ameriprise is a diversified financial services company based in Minneapolis.
| Issuer: | Ameriprise Financial Inc.
|
| Amount: | $600 million
|
| Issue: | Senior notes
|
| Maturity: | Dec. 15, 2028
|
| Joint bookrunners: | Citigroup Global Markets Inc., BofA Securities, Inc., J.P. Morgan Securities LLC, Goldman Sachs & Co. LLC and Wells Fargo Securities, LLC
|
| Co-managers: | Academy Securities, Inc., Barclays, BNP Paribas Securities Corp., HSBC Securities (USA) Inc. and Morgan Stanley & Co. LLC
|
| Trustee: | U.S. Bank Trust Co., NA
|
| Counsel to issuer: | Faegre Drinker Biddle & Reath LLP
|
| Counsel to underwriters: | Simpson Thacher & Bartlett LLP
|
| Coupon: | 5.7%
|
| Price: | 99.833
|
| Yield: | 5.736%
|
| Spread: | Treasuries plus 120 bps
|
| Call features: | Make-whole call at Treasuries plus 20 bps prior to Nov. 15, 2028; par call after that
|
| Trade date: | Nov. 7
|
| Settlement date: | Nov. 9
|
| Ratings: | Moody’s: A3
|
| S&P: A-
|
| Fitch: A-
|
| A.M. Best: a-
|
| Distribution: | SEC registered
|
| Cusip: | 03076CAN6
|
|
|
© 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.
