By Andrea Heisinger
Omaha, March 27 - Wilmington Trust Corp. priced an upsized $200 million 8.5% 10-year subordinated notes Thursday to yield Treasuries plus 495.3 basis points, according to an FWP filing with the Securities and Exchange Commission.
The issue was increased from $150 million.
The non-callable notes (A3/BBB+/A) priced at par to yield 8.5%.
Bookrunners were Merrill Lynch, Pierce, Fenner & Smith Inc. and J.P. Morgan Securities Inc.
Co-manager was SunTrust Robinson Humphrey.
Proceeds will be used to repay $125 million of subordinated notes due 2008, to finance future possible acquisitions and for general corporate purposes.
The bank and financial services company is based in Wilmington, Del.
| Issuer: | Wilmington Trust Corp.
|
| Issue: | Subordinated notes
|
| Amount: | $200 million, increased from $150 million
|
| Maturity: | April 2, 2018
|
| Bookrunners: | Merrill Lynch, Pierce, Fenner & Smith Inc., J.P. Morgan Securities Inc.
|
| Co-manager: | SunTrust Robinson Humphrey
|
| Coupon: | 8.5%
|
| Price: | Par
|
| Yield: | 8.5%
|
| Spread: | Treasuries plus 495.3 bps
|
| Call: | Non-callable
|
| Trade date: | March 27
|
| Settlement date: | April 1
|
| Ratings: | Moody's: A3
|
| Standard & Poor's: BBB+
|
| Fitch: A
|
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