By Devika Patel
Knoxville, Tenn., March 21 – Webster Financial Corp. offered further details about a $300 million sale of 4.1% 10-year senior notes (Baa1/BBB) that priced on Wednesday at a spread of 160 basis points over Treasuries, according to an FWP filed with the Securities and Exchange Commission.
The notes were sold at 99.667 to yield 4.141%.
The notes priced on the tight side of guidance that was in the Treasuries plus 165 bps area.
J.P. Morgan Securities LLC, Sandler O’Neill + Partners, LP and BofA Merrill Lynch were the bookrunners.
Proceeds will be used for general corporate purposes, including debt refinancing, reduction or repayment.
Webster Financial is a Waterbury, Conn.-based bank holding company.
Issuer: | Webster Financial Corp.
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Amount: | $300 million
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Description: | Senior notes
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Maturity: | March 25, 2029
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Bookrunners: | J.P. Morgan Securities LLC, Sandler O’Neill + Partners, LP and BofA Merrill Lynch
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Coupon: | 4.1%
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Price: | 99.667
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Yield: | 4.141%
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Spread: | Treasuries plus 160 bps
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Call: | Make-whole call at Treasuries plus 25 bps until Dec. 25, 2028, then a par call
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Trade date: | March 20
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Settlement date: | March 25
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Ratings: | Moody’s: Baa1
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| S&P: BBB
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Distribution: | SEC registered
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Price guidance: | Treasuries plus 165 bps area, plus or minus 5 bps; initial talk at Treasuries plus 175 bps-187.5 bps area
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