By Andrea Heisinger
New York, Sept. 16 - Popular, Inc. priced $250 million of three-year floating-rate notes with a coupon of three-month Libor plus 325 basis points, according to an 8-K filing with the Securities and Exchange Commission.
The notes were sold to institutional investors under Rule 144A.
Interest is payable quarterly.
The coupon steps up to Libor plus 375 bps if Moody's Investors Service downgrades Popular to Baa1, Baa2 or Baa3 or Standard & Poor's downgrades it to BBB or BBB-, to Libor plus 450 bps if Moody's downgrades it to Ba1 or Standard & Poor's to BB+, and by 75 bps for each notch of rating lost beyond that.
The financial services company is based in San Juan, Puerto Rico.
| Issuer: | Popular, Inc.
|
| Issue: | Floating-rate notes
|
| Amount: | $250 million
|
| Maturity: | Sept. 12, 2011
|
| Coupon: | Three-month Libor plus 325 bps, quarterly
|
| Call: | Non-callable
|
| Put: | On interest payment dates beginning March 10, 2010
|
| Distribution: | Rule 144A
|
| Settlement date: | Sept. 10
|
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