By Andrea Heisinger
New York, Oct. 1 - Popular, Inc. announced Wednesday it priced $100 million three-year notes, according to an 8-K filing with the Securities and Exchange Commission.
The Rule 144A notes were split into two parts, $25 million of which have a coupon of 6.66% and $75 million with a 7% coupon.
The 6.66% notes are putable on interest payment dates starting March 25, 2010.
The 7% notes step up to 7.5% if Standard & Poor's downgrades Popular's senior debt to BBB or BBB- or Moody's Investors Service downgrades it to Baa1, Baa2 or Baa3, to 8.25% if Standard & Poor's downgrades it to BB+ or Moody's downgrades it to Ba1 and by a further 75 basis points for each additional notch of ratings downgrade.
The 6.66% notes step up to 7.16% if Standard & Poor's downgrades Popular's senior debt to BBB or BBB- or Moody's Investors Service downgrades it to Baa1, Baa2 or Baa3, to 7.91% if Standard & Poor's downgrades it to BB+ or Moody's downgrades it to Ba1 and by a further 75 basis points for each additional notch of ratings downgrade.
The notes settled on Sept. 25 and were sold to investors from that date through Oct. 1.
The bank is based in Hato Rey, Puerto Rico.
| Issuer: | Popular, Inc.
|
| Issue: | Notes
|
| Total amount: | $100 million
|
| Maturity: | Sept. 26, 2011
|
| Distribution: | Rule 144A
|
|
|
| Non-putable notes
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| Amount: | $75 million
|
| Coupon: | 7%
|
| Call: | Non-callable
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| Settlement date: | Sept. 25
|
|
|
| Putable notes
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| Amount: | $25 million
|
| Coupon: | 6.66%
|
| Call: | Non-callable
|
| Put: | On interest payment dates starting March 25, 2010
|
| Settlement date: | Sept. 25
|
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