DTC Taps Private Market via Calyon
May 27, 2009
The Depository Trust Company (DTC) got $91 million in funds via Calyon Securities last week in a dual currency private placement, sources confirmed.
The ‘AAA’-rated credit received seven-year funds in U.S. dollar and Japanese Yen denominated tranches. The U.S. dollar denominated tranche was $40 million in size and priced with a coupon of 5.63%, while the Yen denominated tranche was $51 million in size (about 5 billion Yen) with a coupon of 3.022%. Two investors participated in the deal.
The private placement was done for general corporate purposes, to finance capital expenditures, and extended out some of the company’s existing debt maturities.
DTC is a subsidiary of New York-based Depository Trust & Clearing Company (DTCC), which provides clearance, settlement, and depositary services for a wide variety of securities and the mutual fund industry. DTCC’s depository provides servicing for more than 3.5 million securities issues from the U.S. and 110 other countries, valued at $27.6 trillion, according to information on the company’s Web site.
For the three months ended March 31, DTCC reported total revenue of $90.9 million and retained earnings of $35.5 million, versus total revenue of $130.8 million and retained earnings of $47.2 million for the year-prior period.—GC
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