Raymond James Financial Inc. on March 31 closed an underwritten public offering of $500 million aggregate principal amount of 4.650% senior notes due April 1, 2030.
Proceeds from the offering, after underwriting discounts but before expenses, are expected to be nearly $495.1 million, according to the final term sheet. Net proceeds from the sale of the securities will be used for working capital and for general corporate purposes.
The notes were issued pursuant to an underwriting agreement dated March 26 by and among the company and several underwriters, and an indenture dated as of Aug. 10, 2009, between the company and Bank of New York Mellon Trust Co. NA as trustee.
J.P. Morgan Securities LLC, BofA Securities Inc., Citigroup Global Markets Inc. and Raymond James & Associates Inc. were joint book-running managers for the offering. Regions Securities LLC, U.S. Bancorp Investments Inc., SunTrust Robinson Humphrey Inc., BNY Mellon Capital Markets LLC and PNC Capital Markets LLC were co-managers.