By Kenneth Lim
Boston, Oct. 29 - Western Corporate Federal Credit Union on Wednesday priced $1.5 billion of 1.75% three-year senior unsecured notes backed by the National Credit Union Administration to yield 35.9 basis points over Treasuries, according to a term sheet.
The notes were reoffered at 99.875 for a yield of 1.793%.
Banc of America Securities LLC was the bookrunner.
The deal was done under the Temporary Corporate Credit Union Liquidity Guarantee Program.
Proceeds will be used for general credit union purposes, including working capital, capital expenditures and repayment of existing TCCULGP debt.
WesCorp is a Manhattan Beach, Calif.-based multi-state credit union.
| Issuer: | Western Corporate Federal Credit Union
|
| Guarantor: | National Credit Union Administration
|
| Issue: | Temporary Corporate Credit Union Liquidity Guarantee Program senior unsecured notes
|
| Amount: | $1.5 billion
|
| Maturity: | Nov. 2, 2012
|
| Bookrunner: | Banc of America Securities LLC
|
| Coupon: | 1.75%
|
| Price: | 99.875
|
| Yield: | 1.793%
|
| Spread: | Treasuries plus 35.9 bps
|
| Pricing date: | Oct. 28
|
| Settlement date: | Nov. 2
|
| Ratings: | Moody's: Aaa
|
| Standard & Poor's: AAA
|
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