By Devika Patel and Cristal Cody
Knoxville, Tenn., Aug. 9 – Regions Financial Corp. priced $650 million of 1.8% seven-year senior notes (Baa2/BBB+/BBB+) on Monday, according to an FWP filed with the Securities and Exchange Commission.
The notes priced at 99.745 to yield 1.839%, with a spread of Treasuries plus 75 basis points.
The notes were initially talked to price in the 95 bps area over Treasuries.
BofA Securities, Inc., Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, UBS Securities LLC and Regions Securities LLC were the bookrunners.
Proceeds will be used to partially or fully redeem the company’s 3.8% senior notes due August 2023 and for general corporate purposes.
Regions is a Birmingham, Ala.-based financial holding company.
| Issuer: | Regions Financial Corp.
|
| Description: | Senior notes
|
| Amount: | $650 million
|
| Maturity: | Aug. 12, 2028
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| Bookrunners: | BofA Securities, Inc., Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, UBS Securities LLC and Regions Securities LLC
|
| Co-managers: | Academy Securities Inc., Samuel A. Ramirez & Co. Inc. and Siebert Williams Shank & Co. LLC
|
| Coupon: | 1.8%
|
| Price: | 99.745
|
| Yield: | 1.839%
|
| Spread: | Treasuries plus 75 bps
|
| Call: | Make-whole call at Treasuries plus 15 bps until June 12, 2028, then a par call
|
| Trade date: | Aug. 9
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| Settlement date: | Aug. 12
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| Ratings: | Moody’s: Baa2
|
| S&P: BBB+
|
| Fitch: BBB+
|
| Distribution: | SEC registered
|
| Guidance: | Treasuries plus 95 bps area
|
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