By Stephanie N. Rotondo
Portland, Ore., Feb. 29 - Raymond James Financial Inc. priced a $350 million offering of 6.9% $25-par senior notes due 2042 on Wednesday, according to a market source.
The company announced plans for the deal earlier in the session, and a trader said about 8 million, or $200 million, of the notes were going to be issued, with pricing around 7%.
J.P. Morgan Securities LLC, Citigroup Global Markets Inc. and Raymond James & Associates Inc. are the joint bookrunners. The co-managers are Fifth Third Securities Inc., U.S. Bancorp Investments Inc., BB&T Capital Markets and BNY Mellon Capital Markets LLC.
The underwriters will have a 30-day over-allotment option.
Interest will be payable quarterly.
The notes can be redeemed, at the company's option, beginning in 2017 at par plus accrued interest.
The St. Petersburg, Fla.-based financial services firm will apply to list the notes on the New York Stock Exchange.
Proceeds will be used to fund part of the company's acquisition of Morgan Keegan & Co. Inc.
| Issuer: | Raymond James Financial Inc.
|
| Securities: | Senior notes
|
| Amount: | $350 million
|
| Maturity: | 2042
|
| Coupon: | 6.9%
|
| Face amount: | $25
|
| Call option: | Beginning in 2017
|
| Bookrunners: | J.P. Morgan Securities LLC, Citigroup Global Markets Inc. and Raymond James & Associates Inc.
|
| Co-managers: | Fifth Third Securities Inc., U.S. Bancorp Investments Inc., BB&T Capital Markets and BNY Mellon Capital Markets LLC
|
| Pricing date: | Feb. 29
|
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