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Popular, Inc. Announces Pricing of Public Offering of $400,000,000 Principal Amount of Its 7.25% Senior Notes Due 2028
SAN JUAN, Puerto Rico--(BUSINESS WIRE)-- Popular, Inc. (“Popular”) (NASDAQ:BPOP) announced today that it has agreed to sell an aggregate of $400,000,000
About this update from Popular, Inc.
[{"type":"text","content":" SAN JUAN, Puerto Rico--(BUSINESS WIRE)--\nPopular, Inc. (“Popular”) (NASDAQ:BPOP) announced today that it has agreed to sell an aggregate of $400,000,000 principal amount of its 7.25% Senior Notes due 2028 (the “Senior Notes”). Popular intends to use the net proceeds from the offering to redeem or repay in full the $300 million aggregate principal amount of its outstanding 6.125% Senior Notes due on September 14, 2023 (the “2023 Senior Notes”).\n\nThe Senior Notes will bear interest at a rate of 7.25% per year, payable on March 13 and September 13 of each year, commencing on September 13, 2023. The Senior Notes will mature on March 13, 2028, unless redeemed prior to such date.\n\nBofA Securities, 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 the senior co-manager of the offering. The offering is being conducted as a public offering by means of a prospectus supplement filed as part of an effective shelf registration statement filed with the Securities and Exchange Commission (“SEC”) on Form S-3. Popular expects to close the offering on or about March 13, 2023.\n\nThis press release shall not constitute a notice of redemption under the optional redemption provisions of the Indenture governing the 2023 Senior Notes.\n\nBefore investing in the offering, interested parties should read the prospectus supplement and the accompanying prospectus for the offering and the other documents Popular has filed with the SEC, which are incorporated by reference in the prospectus supplement and the accompanying prospectus and provide more complete information about Popular and the offering. Copies of the preliminary prospectus supplement and the accompanying prospectus relating to the offering may be obtained, when available, from BofA Securities, Inc., 200 North College Street, 3rd Floor, NC1-004-03-43, Charlotte, NC 28255-001, Attn: Prospectus Department or by calling 1-800-294-1322; Goldman Sachs & Co. LLC, 200 West Street, New York, New York 10282, Attention: Registration Department or by calling (866) 471-2526; Morgan Stanley & Co. LLC, 1585 Broadway, 29th Floor, New York, New York 10036, Attention: Investment Banking Division or by calling (866) 718-1649. Electronic copies of the preliminary prospectus supplement may be obtained by v...