Tuesday, July 23, 2019

Popular offering $300 million of its 6.125% senior notes

By on September 12, 2018

SAN JUAN – Popular Inc. announced Tuesday evening that it will sell an aggregate of $300 million principal amount of its 6.125% senior notes due 2023.

The financial institution intends to use the “net proceeds from the offering plus available cash to redeem $450 million aggregate principal amount of its outstanding 7.00% Senior Notes due on July 1, 2019,” according to the news release.

The notes will “bear interest at a rate of 6.125% per year, payable on March 14 and September 14 of each year, commencing on March 14, 2019. The Senior Notes will mature on September 14, 2023,” the holding company added.

J.P. Morgan Securities LLC, Barclays Capital Inc., Goldman Sachs & Co. LLC and Morgan Stanley & Co. LLC are acting as joint book-running managers of the offering. Popular Securities LLC is acting as one of the co-managers of the offering.

Popular Inc. ranks among the top 50 U.S. bank holding companies by assets. Banco Popular de Puerto Rico, Popular’s principal subsidiary, provides retail, mortgage and commercial banking services in Puerto Rico and the U.S. Virgin Islands.

Popular also offers in Puerto Rico auto and equipment leasing and financing, investment banking, broker-dealer and insurance services through specialized subsidiaries. In the mainland United States, Popular provides retail, mortgage and commercial banking services through its New York-chartered banking subsidiary, Popular Bank, which has branches in New York, New Jersey and Florida.

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