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First Republic Bank prices $500M debt offering

First Republic Bank priced $500 million in aggregate principal amount of its senior notes maturing June 6, 2022, unless previously redeemed.

Interest will be paid semiannually in arrears on June 6 and Dec. 6 of each year, starting Dec. 6, 2017. The notes will bear interest at a rate of 2.500% per year.

As previously disclosed, the company intends to use the net proceeds for general corporate purposes, potentially including funding loans or purchasing investment securities for its portfolio, among other things.

Merrill Lynch Pierce Fenner & Smith Inc., Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC and Morgan Stanley & Co. LLC are serving as joint book-running managers in the offering, which is expected to close on or about June 6. The Williams Capital Group LP is serving as co-manager.