Charles Schwab Corp is looking to raise $2.5 billion in long-term debt, according to the Wall Street Journal. The financial services firm will issue $1.2 billion in debt due in 2029 and $1.3 billion due in 2034. The company intends to use the net proceeds for “general corporate purposes”. BofA Securities, Citigroup, Credit Suisse, Goldman Sachs & Co LLC, J.P. Morgan and Wells Fargo Securities are the joint book-running managers for the offering.
Shares of the company have lost about 38% of their value so far this year, and fell 1.5% in extended trading. Charles Schwab declined to comment on the matter and did not disclose the pricing for the offering in its filing with the U.S. Securities and Exchange Commission.