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ST. PETERSBURG — Raymond James Financial Inc. (symbol: RJF) issued $250 million in debt yesterday, in the form of 4.25% senior notes due to mature in 2016. Net proceeds from the public offering will be used for working capital and general corporate purposes, a release explains.
The St. Petersburg-based financial company decided to file a public offering to obtain liquidity rather than borrow money from outside firms, according to CEO Paul Reilly.
“We learned in 2008 that external credit sources are not always reliable,” Reilly says in a prepared statement.
Shares of Raymond James stock hit a low of $38.11 in early Tuesday trading, representing a price decline of just more than 1% on the news of the new debt issuance. The company posted $3 billion in revenues in its most recent fiscal year, which ended Sept. 30.
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