By Mary-Katherine Stinson
Lexington, Ky., Nov. 20 – M&T Bank Corp. priced an add-on to its fixed-rate/floating-rate senior notes due Oct. 30, 2029 on Friday, according to a 424B5 filing with the Securities and Exchange Commission.
The $250 million of notes priced at 102.316 plus accrued and unpaid interest of $1,081,062.50 from Oct. 30, or at a spread of 240 basis points over Treasuries.
The notes will bear interest at 7.413% initially, which later converts to a floating rate. During the floating-rate period beginning Oct. 30, 2028, the coupon will be based on SOFR plus 280 bps, subject to a 0% floor.
The SEC-registered notes will feature a make-whole call beginning May 19, 2024 and before Oct. 30, 2028 at Treasuries plus 40 bps, followed by a par call on Oct. 30, 2028 and beginning Sept. 30, 2029.
M&T Securities, Inc. and RBC Capital Markets, LLC are the joint bookrunning managers.
Proceeds of the add-on will be $256,663,562.50 before expenses.
The financial holding company is based in Buffalo, N.Y.
| Issuer: | M&T Bank Corp.
|
| Amount: | $250 million
|
| Issue: | Senior medium-term notes, series A
|
| Maturity: | Oct. 30, 2029
|
| Bookrunners: | M&T Securities, Inc. and RBC Capital Markets, LLC
|
| Co-managers: | Academy Securities, Inc. and Siebert Williams Shank & Co., LLC
|
| Coupon: | 7.413% initially; converts to SOFR plus 280 bps beginning Oct. 30, 2028
|
| Price: | 102.316
|
| Yield: | 7.413%
|
| Spread: | Treasuries plus 240 bps
|
| Call features: | Make-whole call at Treasuries plus 40 bps beginning May 19, 2024; at par on Oct. 30, 2028 and beginning Sept. 30, 2029
|
| Trade date: | Nov. 17
|
| Settlement date: | Nov. 21
|
| Distribution: | SEC registered
|
| Cusip: | 55261FAS3
|
| Total issue: | $1 billion, including $750 million issued Oct. 30
|
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