Financial Services Group

The BB&T Capital Markets Financial Services Group provides community banks & thrifts, business development companies and other specialty finance companies with a full range of capabilities and services, including public and private equity and debt origination and issuance, buy- and sell-side merger & acquisition advisory, fairness opinions, valuations and other advisory services.

While much of our business is focused on middle-market clients, our extensive service platform regularly participates in transactions with some of the nation’s largest financial institutions.

 

Our Financial Services team raised more than $1.5 billion for business development groups and advised five banks on M&A transactions in a recent 12-month span

  • Nuveen High Income November 2022 (NYSE: JPT)

    BB&T Capital Markets’ Financial Services Group completed a transaction for Nuveen Investment Inc.’s High Income November 2022 Target Term Fund (“JPT”) in the first quarter of 2017, helping to raise $162,500,000 in gross proceeds for our client.

    The Fund will invest the net proceeds of the offering in accordance with the Fund’s investment objective and policies as stated below. It is presently anticipated that the Fund will be able to invest substantially all of the net proceeds in accordance with the Fund’s investment objective and policies within approximately three months after the completion of the offering. The Fund has granted the underwriters an option to purchase up to 975,000 additional shares to cover over-allotments.

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  • Medley LLC, a wholly owned subsidiary of Medley Management Inc. (NYSE: MDLY)

    BB&T Capital Markets’ Financial Services Group, serving as a Joint Bookrunning manager, completed an unsecured senior notes “baby bond” offering for Medley LLC, the operating company for Medley Management, in the first quarter of 2017. The underwriters helped to raise $30,000,000 in gross proceeds for our client. The notes will trade under the NYSE symbol of MDLQ.

    Medley LLC intends to use the net proceeds of this retail notes offering to repay a portion of the outstanding amounts under its Term Loan Facility. The Company has granted the underwriters a 30-day option to purchase additional notes worth $4.50 million in aggregate principal value to cover over-allotments.

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  • Saratoga Investment Corporation

    BB&T Capital Markets’ Financial Services Group completed a transaction for Saratoga Investment Corporation, a Business Development Company, in the fourth quarter of 2016, helping to raise $65,000,000 in gross proceeds for our client.

    Saratoga Investment Corporation intends to use the net proceeds of this retail notes offering to fund the early redemption of its 7.50% Series 2020 Senior Notes. The Company has granted the underwriters a 30-day option to purchase additional notes worth $9.75 million in aggregate principal value to cover over-allotments.

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  • The Goldman Sachs Group, Inc. (NYSE: GS)

    On December 8, 2016, BB&T Capital Markets served as a co-manager for a $3 billion two-tranche offering of senior notes due 2019 by The Goldman Sachs Group, Inc.

    Proceeds from the offering are being used for general corporate purposes.

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  • First Trust Senior Floating Rate 2022 (NYSE: FIV)

    BB&T Capital Markets’ Financial Service Group completed a transaction for First Trust Senior Floating Rate 2022 Target Term Fund in the fourth quarter of 2016, helping to raise $348,000,000 in gross proceeds for our client.

    The Fund will invest the net proceeds of the offering in accordance with the Fund's investment objectives and policies. The Fund expects it will be able to invest substantially all of the net proceeds in securities that meet the Fund's investment objectives and policies within 45 to 60 days after completion of the offering. Total gross proceeds includes the partial exercise of the underwriters 45-day option to purchase an additional 4.5mm additional shares to cover over-allotments.

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  • The Goldman Sachs Group, Inc. (NYSE: GS)

    On October 25, 2016, BB&T Capital Markets served as a co-manager for a $1 billion offering of floating rate senior notes due 2027 by The Goldman Sachs Group, Inc.

    Proceeds from the offering are being used for general corporate purposes.

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  • Wells Fargo. (NYSE: WFC)

    On October 19, 2016, BB&T Capital Markets served as a co-manager for a $3.50 billion offering of 3.00% senior notes due 2026 by Wells Fargo & Company.

    The net proceeds from this offering will be used for general corporate purposes.

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  • Nuveen High Income November 2021 (NYSE: JHB)

    BB&T Capital Markets’ Financial Services Group completed a transaction for Nuveen Investment Inc.’s High Income November 2021 Target Term Fund (“JHB”) in the third quarter of 2016, helping to raise $558,418,920 in gross proceeds for our client.

    The Fund will invest the net proceeds of the offering in accordance with the Fund’s investment objectives and policies as soon as practicable after completion of the offering. The Fund currently anticipates that it will be able to invest substantially all of the net proceeds in securities that meet the Fund’s investment objectives and policies within approximately three months after completion of the offering. Total gross proceeds includes the partial exercise of the underwriters 45-day option to purchase an additional 3.5mm additional shares to cover over-allotments.

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  • Invesco High Income 2023 (NYSE: IHIT)

    BB&T Capital Markets’ Financial Services Group completed a transaction for  the Invesco High Income 2023 Target Term Fund in the third quarter of 2016, helping to raise $234,000,000 in gross proceeds for our client.

    The Fund will invest the net proceeds of the offering in accordance with the Fund’s investment objectives and policies as soon as practicable after completion of the offering. The Fund currently anticipates that it will be able to invest substantially all of the net proceeds in securities that meet the Fund’s investment objectives and policies within approximately three months after completion of the offering. Total gross proceeds includes the partial exercise of the underwriters 45-day option to purchase an additional 3.2mm additional shares to cover over-allotments.

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  • American Financial Group, Inc. (NYSE: AFG)

    On August 15, 2016, BB&T Capital Markets served as a co-manager for a $300 million offering of 3.50% senior notes by American Financial Group, Inc.
    Proceeds from the offering are being use to fund a portion of the purchase price to acquire all shares of National Interstate common shares not currently owned by AFG subsidiary Great American.

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  • Bank of New York Mellon (NYSE: BK)

    On August 9, 2016, BB&T Capital Markets served as a co-manager for a $2 billion two-tranche offering of senior notes by The Bank of New York Mellon Corp.
    The offering consisted of $1.25 billion of 2.20% senior medium-term notes due 2023 and $750 million of 2.45% senior medium-term notes due 2026.

    Proceeds from the offering are being used for general corporate purposes.

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  • PulteGroup, Inc. (NYSE: PHM)

    On July 26, 2016, BB&T Capital Markets served as a book-running lead manager for a $1 billion two-tranche offering of senior notes by PulteGroup, Inc.
    The offering consisted of a $400 million tranche of 4.25% senior notes due 2021 and a $600 million tranche of 5.00% senior notes due 2027.

    Proceeds from the offering were used to repay a portion of the amounts outstanding under PulteGroup’s term loan facility, to repay any borrowings outstanding under its revolving credit facility and for general corporate purposes.

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  • Triangle Capital Corporation (NYSE: TCAP)

    BB&T Capital Markets’ Financial Services Group completed a transaction for Triangle Capital Corporation, a Business Development Company (“BDC”) in the third quarter of 2016, helping to raise $124,375,000 in gross proceeds for our client.

    Triangle Capital Corporation intends to use the net proceeds of this public offering to make additional investments in lower middle market companies in accordance with its investment objective and strategies, and for working capital and general corporate purposes. The Company has granted the underwriters a 30-day option to purchase an additional 937,500 shares at the public offering price to cover over-allotments.

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  • Monroe Capital Corporation (NASDAQ GS: MRCC)

    BB&T Capital Markets’ Financial Services Group completed a transaction for Monroe Capital Corporation, a Business Development Company (“BDC”) in the third quarter of 2016, helping to raise $48,050,000 in gross proceeds for our client.

    Monroe intends to use the net proceeds of this offering to repay indebtedness, to invest in portfolio companies in accordance with its investment objectives, for general corporate purposes, and to fund investments by its SBIC subsidiary. The Company has granted the underwriters a 30-day option to purchase an additional 465,000 shares at the public offering price to cover over-allotments.

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  • Raymond James Financial, Inc. (NYSE: RJF)

    On July 7, 2016, BB&T Capital Markets served as a co-manager for an $800,000,000 offering of senior notes by Raymond James Financial, Inc. The offering consisted of two tranches: $500,000,000 3.625% senior notes due 2026 and $300,000,000 4.95% senior notes due 2046. Proceeds from the offering are being used for working capital and general corporate purposes.

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  • Southwestern Energy Company (NYSE: SWN)

    BB&T Capital Markets’ Energy Group completed a transaction for a natural gas & oil exploration and production company in the second quarter of 2016, helping to raise $1,118,000,000 in gross proceeds for our client.

    The Company intends to use the net proceeds from the offering to repay $375.0 million of its $750.0 million term loan, to partially fund its tender offers for three tranches of its senior notes and for general corporate purposes. The Company has granted the underwriters 30 days to exercise the over-allotment option, through which they may purchase an additional 12,900,000 shares.

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Our Areas of Expertise

Business Development Companies (BDCs)

Our group includes investment bankers involved with the industry since inception, knowledgeable retail and institutional brokers, bank lending, and industry-leading research coverage

Community Banks & Thrifts

We provide regulated financial institutions with a full suite of products and services, including equity and debt capital raising and merger and acquisition advisory, complemented by industry-leading community bank equity research and sales & trading.

Specialty Finance

Our commitment to specialty sectors includes, but is not limited to, insurance brokers, underwriters and service providers; specialty lenders; mortgage companies and financial management firms.

Bank Consolidation

Jake Savage and
David Wojdlya
Senior Managing Director and Managing DirectorFinancial Services GroupPlay The Video