The $18 billion Western Corporate Federal Credit Union will issue at least $1.5 billion in 3-year notes, guaranteed by the National Credit Union Administration under the Temporary Corporate Credit Union Liquidity Guarantee Program, the NCUA confirmed today.
Like the U.S. Central deal, J.P. Morgan and Bank of America are serving as lead underwriters for the issuance.
NCUA Director of Public and Congressional Affairs John McKechnie called the offer "imminent", but said details like rates and the time frame are still being negotiated.
The medium term note issuance secures another source of funding so WesCorp's investments can be held to recovery, he said.
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