By Aleesia Forni
Virginia Beach, March 3 – Charles Schwab Corp. sold $1 billion of senior notes (A2/A/A) in tranches due 2018 and 2025 on Tuesday, according to an informed source.
There was $625 million of 1.5% three-year notes sold at 99.874 to yield 1.543%, or Treasuries plus 47 basis points.
The notes sold at the tight end of guidance set in the 50 bps area over Treasuries.
A second tranche was $375 million of 3% 10-year notes priced at 99.58 to yield 3.049%, or Treasuries plus 93 bps.
Pricing was at the tight end of the Treasuries plus 95 bps area guidance.
Bookrunners were Citigroup Global Markets Inc., Goldman Sachs & Co. and Wells Fargo Securities LLC.
Proceeds will be used for general corporate purposes.
Schwab is a brokerage and financial services company based in San Francisco.
| Issuer: | Charles Schwab Corp.
|
| Issue: | Senior notes
|
| Amount: | $1 billion
|
| Bookrunners: | Citigroup Global Markets Inc., Goldman Sachs & Co., Wells Fargo Securities LLC
|
| Trade date: | March 3
|
| Settlement date: | March 10
|
| Ratings: | Moody’s: A2
|
| Standard & Poor’s: A
|
| Fitch: A
|
| Distribution: | SEC registered
|
|
|
| Three-year notes
|
| Amount: | $625 million
|
| Maturity: | March 10, 2018
|
| Coupon: | 1.5%
|
| Price: | 99.874
|
| Yield: | 1.543%
|
| Spread: | 47 bps over Treasuries
|
| Price talk: | 50 bps area
|
|
|
| 10-year notes
|
| Amount: | $375 million
|
| Maturity: | March 10, 2025
|
| Coupon: | 3%
|
| Price: | 99.58
|
| Yield: | 3.049%
|
| Spread: | 93 bps over Treasuries
|
| Price talk: | 95 bps area
|
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