By Cristal Cody
Tupelo, Miss., March 26 – Raymond James Financial Inc. priced $500 million of 4.65% 10-year senior notes (Baa1/BBB+) on Thursday at a spread of 390 basis points over Treasuries, according to a market source and an FWP filing with the Securities and Exchange Commission.
Initial guidance was in the Treasuries plus 425 bps area.
The notes priced at 99.668 to yield 4.692%.
J.P. Morgan Securities LLC, BofA Securities, Inc., Citigroup Global Markets Inc. and Raymond James & Associates Inc. were the bookrunners.
The company held fixed income investor calls for the offering on Tuesday.
Proceeds from the deal will be used for working capital and general corporate purposes.
Raymond James is a financial services company based in St. Petersburg, Fla.
| Issuer: | Raymond James Financial Inc.
|
| Amount: | $500 million
|
| Description: | Senior notes
|
| Maturity: | April 1, 2030
|
| Bookrunners: | J.P. Morgan Securities LLC, BofA Securities, Inc., Citigroup Global Markets Inc. and Raymond James & Associates Inc.
|
| Co-managers: | U.S. Bancorp Investments, Inc., SunTrust Robinson Humphrey, Inc., BNY Mellon Capital Markets, LLC and PNC Capital Markets LLC
|
| Coupon: | 4.65%
|
| Price: | 99.668
|
| Yield: | 4.692%
|
| Spread: | Treasuries plus 390 bps
|
| Call features: | Make-whole call before Jan. 1, 2030 at price equal to great of par or Treasuries plus 50 bps; thereafter at par
|
| Trade date: | March 26
|
| Settlement date: | March 31
|
| Ratings: | Moody’s: Baa1
|
| S&P: BBB+
|
| Distribution: | SEC registered
|
| Marketing: | Fixed income investor calls
|
| Price guidance: | Treasuries plus 425 bps area
|
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