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Insurance industry

Banc of America Securities Completes $500 Million Credit Facility for USAA Capital Corporation

Strategic Insights

— 2 min read

Banc of America Securities has successfully completed a $500 million senior credit facility for USAA Capital Corporation, a wholly-owned subsidiary of the United Services Automobile Association (USAA). This transaction marks a significant partnership between the two entities, enabling USAA to access the necessary funding for general corporate purposes, including commercial paper back-up. As one of America's leading insurance and financial services companies, USAA serves over 3.3 million members and associate members with a range of insurance, banking, and investment products. The completion of this deal is a testament to Banc of America Securities' expertise in investment banking and its ability to navigate the current market environment.

Key Takeaways:

  • Banc of America Securities acted as the Sole Book Manager and Lead Arranger for the $500 million senior credit facility for USAA Capital Corporation.
  • The facility will be used for general corporate purposes, including commercial paper back-up.
  • USAA has over 77 years of experience serving the financial needs of present and former members of the U.S. military and their families.
  • Banc of America Securities is a full-service investment bank and brokerage firm with principal offices in San Francisco, New York City, and Charlotte.
  • With 4,000 associates and affiliates offering capabilities worldwide, Banc of America Securities is a significant player in the investment banking industry.
  • Bank of America, the parent company of Banc of America Securities, is the largest bank in the United States, with total assets of $614 billion and operations in 21 states and the District of Columbia.
  • USAA Capital Corporation is a wholly-owned subsidiary of USAA, a leading insurance and financial services company serving over 3.3 million members and associate members.

Statistics:

  • $500 million: the amount of the senior credit facility completed by Banc of America Securities for USAA Capital Corporation.
  • 77: the number of years USAA has been serving present and former members of the U.S. military and their families.
  • 3.3 million: the number of members and associate members served by USAA.
  • 4,000: the number of associates employed by Banc of America Securities in offices around the country.
  • $614 billion: the total assets of Bank of America, the largest bank in the United States.
  • 21: the number of states in which Bank of America operates, plus the District of Columbia.
  • 30 million: the number of households served by Bank of America.
  • 2 million: the number of businesses served by Bank of America.

Sources:

  • "Banc of America Securities Announces Completion of $500 Million Senior Credit Facility for USAA Capital Corporation." PRNewswire, July 20.
  • USAA. "About USAA." (Exact date not specified)
  • Bank of America. "About Bank of America." (Exact date not specified)
  • Banc of America Securities LLC. "About BAS." (Exact date not specified)

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