Wachovia: Greenshoe exercised in full for 8% non-cumulative preferreds

By Devika Patel

Knoxville, Tenn., Dec. 21 - Underwriters for Wachovia Corp.'s offering of $2 billion of 8% non-cumulative preferred stock exercised their over-allotment option in full for $300 million, or 12 million shares, increasing the total size of the issue to $2.3 billion, or 92 million shares, the company said in an 8-K filed with the Securities and Exchange Commission.

As previously reported, the perpetual shares (A2/A/A+) are priced at $25 and are callable on dividend dates beginning Dec. 15, 2017 at par.

Proceeds will be used for general corporate purposes.

Wachovia Capital Securities LLC was bookrunner. Senior co-managers were Citigroup Global Markets, Merrill Lynch, Pierce, Fenner & Smith Inc., Morgan Stanley & Co. Inc. and UBS Securities LLC.

The investment bank is based in Charlotte, N.C.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.