The Charles Schwab Corporation announced it has issued a total of $2.6 billion aggregate principal amount of Fixed-to-Floating Rate Senior Notes. The offering, which closed on August 12, 2026, consists of two tranches with maturities in 2032 and 2037. The company estimates net proceeds of approximately $2.582 billion after deducting underwriting discounts and other expenses.
Key Details
- Offering Size & Tranches: The offering includes $1.25 billion of 5.108% Senior Notes due 2032 and $1.35 billion of 5.655% Senior Notes due 2037.
- Net Proceeds: The company received net proceeds of approximately $2.582 billion after accounting for underwriting discounts and commissions and estimated offering expenses.
- Note Structure & Timeline: The notes were issued on August 12, 2026. They will pay a fixed interest rate until their respective interest reset dates in 2031 and 2036, after which they will switch to a floating rate based on the Secured Overnight Financing Rate (SOFR).