By Stephanie N. Rotondo
Seattle, June 20 – BOK Financial Corp. priced $150 million of 5.375% $25-par subordinated notes due June 30, 2056 (expected ratings: A3/BBB/A-) at par on Monday, according to a prospectus filed with the Securities and Exchange Commission.
Price talk was 5.5% to 5.625%, a market source reported.
Morgan Stanley & Co. LLC, BofA Merrill Lynch, BOSC Inc. and Wells Fargo Securities LLC are the joint bookrunning managers.
Interest will be payable on the 30th day of March, June, September and December, beginning Sept. 30. The notes become redeemable on or after June 30, 2021 at par plus accrued interest.
Proceeds will be used for general corporate purposes, including to fund a portion of the $102.5 million cash consideration payable to MBT Bancshares shareholders upon the closing of the company’s pending acquisition of the bank.
BOK is a Tulsa-based financial holding company.
| Issuer: | BOK Financial Corp.
|
| Securities: | Subordinated notes
|
| Amount: | $150 million
|
| Maturity: | June 30, 2056
|
| Bookrunners: | Morgan Stanley & Co. LLC, BofA Merrill Lynch, BOSC Inc., Wells Fargo Securities LLC
|
| Coupon: | 5.375%
|
| Price: | Par of $25
|
| Yield: | 5.375%
|
| Talk: | 5.5% to 5.625%
|
| Call options: | On or after June 30, 2021 at par plus accrued interest
|
| Pricing date: | June 20
|
| Settlement date: | June 27
|
| Expected ratings: | Moody’s: A3
|
| S&P: BBB
|
| Fitch: A-
|
| Expected listing: | Nasdaq: BOKFL
|
| Cusip: | 05561Q300
|
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