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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.
St. Petersburg-based Raymond James Financial Inc. provides financial services to individuals, corporations and municipalities, with about 5,400 financial advisers in 2,400 locations in the United States.
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