By Andrea Heisinger
New York, Dec. 3 - People's United Financial, Inc. was in the market Monday with an upsized $500 million sale of 3.65% 10-year senior notes (A3/BBB+/A-) priced at Treasuries plus 207 basis points, according to an FWP filing with the Securities and Exchange Commission.
Pricing was at 99.668 to yield 3.69%.
The notes have a make-whole call option at 35 bps over Treasuries until Sept. 6, 2022 and a par call after that date.
J.P. Morgan Securities LLC was the bookrunner.
The bank and financial services company is based in Bridgeport, Conn.
| Issuer: | People's United Financial, Inc.
|
| Issue: | Senior notes
|
| Amount: | $500 million, upsized from $300 million
|
| Maturity: | Dec. 6, 2022
|
| Bookrunner: | J.P. Morgan Securities LLC
|
| Co-managers: | Jefferies & Co. Inc., Goldman Sachs & Co.
|
| Coupon: | 3.65%
|
| Price: | 99.668
|
| Yield: | 3.69%
|
| Spread: | Treasuries plus 207 bps
|
| Call: | Make-whole at Treasuries plus 35 bps until Sept. 6, 2022, par call after
|
| Trade date: | Dec. 3
|
| Settlement date: | Dec. 6
|
| Ratings: | Moody's: A3
|
| Standard & Poor's: BBB+
|
| Fitch: A-
|
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