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Charles Schwab to raise $2.5 billion in long-term debt - WSJ

Published 05/17/2023, 06:29 PM
Updated 05/17/2023, 06:31 PM
© Reuters. FILE PHOTO: The company logo for Financial broker Charles Schwab is displayed at a location in the financial district in New York, U.S., March 20, 2023.  REUTERS/Brendan McDermid
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(Reuters) - Charles Schwab (NYSE:SCHW) Corp is looking to raise $2.5 billion in long-term debt, the Wall Street Journal reported on Wednesday, citing people familiar with the matter.

The financial services firm will issue $1.2 billion in debt due in 2029 and $1.3 billion due in 2034, the report added.

The company declined to comment on the matter.

Charles Schwab said it intends to use the net proceeds for "general corporate purposes", and did not disclose the pricing for the offering in its filing with the U.S. Securities and Exchange Commission.

© Reuters. FILE PHOTO: The company logo for Financial broker Charles Schwab is displayed at a location in the financial district in New York, U.S., March 20, 2023.  REUTERS/Brendan McDermid

Shares of the company, which have lost about 38% of their value so far this year, fell 1.5% in extended trading.

BofA Securities, Citigroup (NYSE:C), Credit Suisse, Goldman Sachs & Co (NYSE:GS). LLC, J.P. Morgan and Wells Fargo (NYSE:WFC) Securities are the joint book-running managers for the offering.

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