BRIDGEPORT, Conn., Dec. 3, 2012 /PRNewswire/ -- People's United Financial, Inc. (NASDAQ: PBCT) today announced that it has priced an underwritten public offering of $500 million aggregate principal amount of 3.65% senior notes due December 6, 2022. The offering is expected to close on December 6, 2012, subject to customary closing conditions.
People's United Financial expects to use the net proceeds from the offering for general corporate purposes, including stock repurchases and contributions of capital or extensions of credit to People's United Bank.
J.P. Morgan Securities LLC is acting as sole bookrunner and Jefferies & Company, Inc. and Goldman, Sachs & Co. are acting as co-managers for the offering. A registration statement relating to the notes has been filed with the Securities and Exchange Commission and has become effective. This release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the notes in any state in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state. The notes are only being offered by means of a prospectus and a related prospectus supplement, copies of which may be obtained by calling J.P. Morgan Securities LLC at (212) 834-4533.
People's United Financial, a diversified financial services company with $29 billion in assets, provides commercial and retail banking, as well as wealth management services through a network of 419 branches in Connecticut, New York, Massachusetts, Vermont, New Hampshire and Maine. Through its subsidiaries, People's United Financial provides equipment financing, brokerage and insurance services. Assets under administration and those under full discretionary management, neither of which are reported as assets of People's United Financial, totaled $12.0 billion and $4.5 billion, respectively, at September 30, 2012.Certain statements contained in this release are forward-looking in nature. These include all statements about People's United Financial's plans, objectives, expectations and other statements that are not historical facts, and usually use words such as "expect," "anticipate," "believe," "should" and similar expressions. Such statements represent management's current beliefs, based upon information available at the time the statements are made, with regard to the matters addressed. All forward-looking statements are subject to risks and uncertainties that could cause People's United Financial's actual results or financial condition to differ materially from those expressed in or implied by such statements. Factors of particular importance to People's United Financial include, but are not limited to: (1) changes in general, national or regional economic conditions; (2) changes in interest rates; (3) changes in loan default and charge-off rates; (4) changes in deposit levels; (5) changes in levels of income and expense in non-interest income and expense related activities; (6) residential mortgage and secondary market activity; (7) changes in accounting and regulatory guidance applicable to banks; (8) price levels and conditions in the public securities markets generally; (9) competition and its effect on pricing, spending, third-party relationships and revenues; (10) the successful integration of acquired companies; and (11) changes in regulation resulting from or relating to financial reform legislation. People's United Financial does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.