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MONEY & BUSINESS: Charles Schwab to raise $2.5 billion through debt offering – One America News Network

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(Reuters) -Brokerage firm Charles Schwab Corp said on Thursday it was looking to raise up to $2.5 billion through a debt offering.

The company will raise the debt in two parts via notes due in 2029 and 2034.

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The disclosure comes a day after another filing with the U.S. Securities and Exchange Commission, in which the brokerage firm said it would use the proceeds for “general corporate purposes.”

Schwab did not respond to a request seeking additional comment.

Yield-to-maturity on the 2029 and 2034 notes would be 205 basis points and 227 basis points higher than those on the benchmark, risk-free Treasury notes, respectively.

Shares of the company were down 1.4% at $51.10 in premarket trading, while most other financial stocks were climbing.

Last month, Schwab reported first-quarter profit ahead of analysts’ expectations, boosted by growth in interest income. Its chief executive officer, Walter Bettinger, also allayed concerns about its financial strength.

BofA Securities, Citigroup, Credit Suisse, Goldman Sachs & Co LLC, J.P. Morgan and Wells Fargo Securities are the joint book-running managers for the offering.

(Reporting by Niket Nishant in Bengaluru; Editing by Savio D’Souza and Maju Samuel)





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