By Andrea Heisinger
Omaha, Jan. 7 - Wachovia Bank NA priced $4.5 billion five-year extendible floating-rate notes late Friday at par, a market source said.
The non-callable notes (Aa1/AA) have a coupon of three-month Libor plus 21 basis points for the first year.
The initial maturity date is Feb. 4, 2009, but holders can extend the term up to the final maturity of Jan. 4, 2013.
The coupon steps up 2 bps after the first year and each year after until the final year, when it increases by 1 bp. Interest is payable quarterly.
Wachovia Capital Securities LLC was the bookrunner.
The issuer is a unit of Wachovia Corp., based in Charlotte, N.C.
| Issuer: | Wachovia Bank NA
|
| Issue: | Extendible floaters
|
| Amount: | $4.5 billion
|
| Maturity: | Feb. 4, 2009 (initial), Jan. 4, 2013 (final)
|
| Bookrunner: | Wachovia Capital Securities LLC
|
| Coupon: | Three-month Libor plus 21 bps, increasing by 2 bps after the first year and each year after until the final year, when it increases by 1 bp
|
| Price: | Par
|
| Call: | Non-callable
|
| Trade date: | Jan. 4
|
| Settlement date: | Jan. 9
|
| Ratings: | Moody's: Aa1
|
| Standard & Poor's: AA
|
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