Thursday, October 29, 2009

WesCorp Raises $1.5 Billion

Reuters reported that Western Corporate (WesCorp) Federal Credit Union on Wednesday sold $1.5 billion of notes. The notes are guaranteed by the National Credit Union Administration under the Temporary Corporate Credit Union Liquidity Guarantee Program.

WesCorp was placed under conservatorship on March 20 of this year.

Below are the terms of the debt offering.

BORROWER: WESTERN CORPORATE FEDERAL CREDIT UNION*
AMT $1.5 BLN
COUPON 1.75 PCT
NON-CALLABLE
MATURITY 11/2/2012
ISS PRICE 99.875
YIELD 1.793 PCT
SPREAD 35.9 BPS MORE THAN TREAS
MOODY'S Aaa
S&P TRIPLE-A

*GUARANTEED BY THE NATIONAL CREDIT UNION ADMINISTRATION.
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