Published on 7/8/2016 in the Prospect News Investment Grade Daily.
New Issue: Raymond James Financial prices $800 million of notes due 2026, 2046
By Lisa Kerner
Charlotte, N.C., July 8 – Raymond James Financial, Inc. priced $800 million of 10- and 30-year senior notes (expected Baa2/BBB), according to an FWP filed with the Securities and Exchange Commission.
The company sold $500 million of 3.625% 10-year senior notes at 99.841 to yield 3.643%. The notes priced with a spread of 225 bps over Treasuries.
Raymond James priced $300 million of 4.95% 30-year senior notes at 99.937 to yield 4.954%, or 280 bps over Treasuries.
BofA Merrill Lynch, J.P. Morgan Securities LLC and Raymond James & Associates, Inc. are the joint bookrunners.
Proceeds will be used for working capital and for general corporate purposes, according to a 424B5 filed with the SEC.
Raymond James is a financial services company based in St. Petersburg, Fla.
| Issuer: | Raymond James Financial, Inc.
|
| Issue: | Senior notes
|
| Amount: | $800 million
|
| Bookrunners: | BofA Merrill Lynch, J.P. Morgan Securities LLC, Raymond James & Associates, Inc.
|
| Co-managers: | Citigroup Global Markets Inc., Regions Securities LLC, U.S. Bancorp Investments, Inc., BB&T Capital Markets, BNY Mellon Capital Markets LLC, Fifth Third Securities Inc., PNC Capital Markets LLC
|
| Trade date: | July 7
|
| Settlement date: | July 12
|
| Expected ratings: | Moody’s: Baa2
|
| S&P: BBB
|
| Distribution: | SEC registered
|
|
|
| 10-year notes
|
| Amount: | $500 million
|
| Maturity: | Sept. 15, 2026
|
| Coupon: | 3.625%
|
| Price: | 99.841
|
| Yield: | 3.643%
|
| Spread: | Treasuries plus 225 bps
|
| Make-whole call: | Treasuries plus 35 bps
|
|
|
| 30-year notes
|
| Amount: | $300 million
|
| Maturity: | July 15, 2046
|
| Coupon: | 4.95%
|
| Price: | 99.937
|
| Yield: | 4.954%
|
| Spread: | Treasuries plus 280 bps
|
| Make-whole call: | Treasuries plus 45 bps
|
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