BB&T begins $1bn stock sale, finalizes Susquehanna acquisition
Following the completion of its acquisition of The Bank of Kentucky, BB&T have confirmed they will start a $1bn stock sale with the proceeds going towards general corporate purposes, which "may include the acquisition of other companies", according to an Securities and Exchange Commission (SEC) filing.  The sale's close is set for June 29th.  BB&T also confirmed that it is finalizing its purchase of Susquehanna Bancshares and expects to close the deal in the second half of 2015.
Winston-Salem, N.C.-based BB&T, parent company for BB&T Bank, announced completion of its acquisition of the 32-branch The Bank of Kentucky Financial Corp. on Monday, and then late Monday priced a sale of senior notes at $1 billion.

The company announced the stock sale Monday, but did not include the pricing of the sale. In the Monday morning announcement, the bank said the proceeds of the sale will be used for general corporate purposes, “which may include the acquisition of other companies,” according to a filing with the Securities and Exchange Commission.



RELATED: BB&T’s Kentucky acquisition closes, now on to Susquehanna



Late Monday, BB&T announced the price of the sale at $1 billion, with the company taking in about $998 million after expenses. The sale is of the company’s SEC-registered medium-term senior notes due June 29, 2020.

The sale’s close is set for June 29, according to an SEC filing.

BB&T announced in November it had agreed to purchase Lititz-based Susquehanna Bancshares Inc., the bank holding company for Susquehanna Bank, for $2.5 billion. The deal is expected to close in the second half of 2015, and BB&T officials said recently the completion of The Bank of Kentucky acquisition does not move up the timeline for the Susquehanna deal.

In 2014, BB&T announced The Bank of Kentucky deal at about $363 million, but did not announce a final price after the deal closing Monday.

BB&T trades on the New York Stock Exchange under the ticker symbol BBT and has about $191 billion in assets following The Bank of Kentucky acquisition.



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