Ray Jay raises $350 million

ST. PETERSBURG — Raymond James Financial Inc. raised $350 million Wednesday through the sale of 30-year senior notes, according to a company release.

The firm will use the proceeds in conjunction with cash on hand and the $358 million it received through a public stock offering Feb. 21 to fund its $930 million purchase of Morgan Keegan. Raymond James said it anticipates conducting one or more additional public debt offerings to finance the sale. The acquisition is expected to close in April.

For its Wednesday debt sale, Raymond James (symbol: RJF) issued $350 million of preferred debt with a coupon rate of 6.9% and quarterly payments. The company's stock is up slightly from its Wednesday close of $35.37, trading this morning at about $36 per share.