Exhibit 1.2
EXECUTION VERSION
SYNDICATED TERMS
AGREEMENT
April 27, 2009
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To:
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Barclays
Capital Inc.
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J.P. Morgan
Securities Inc.
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BB&T
Capital Markets, a division of
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Scott
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&
Stringfellow, LLC
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Re:
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Distribution
Agreement, dated April 27, 2009
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Ladies and Gentlemen:
Subject to the terms and conditions
of the Distribution Agreement, dated April 27, 2009 (the
“ Distribution Agreement ”), among BB&T
Corporation (the “ Issuer ”) and Barclays
Capital Inc., J.P. Morgan Securities Inc. and BB&T Capital
Markets, a division of Scott & Stringfellow, LLC
(collectively, the “ Agents ”) concerning the
sale of Securities to be issued by the Issuer, as amended or
supplemented, the Agents agree to purchase on a syndicated basis
$400,000,000 aggregate principal amount of the Issuer’s 5.70%
Medium-Term Notes, Series A (Senior), due 2014 (the “ 2014
Notes ”) and $400,000,000 aggregate principal amount of
the Issuer’s 6.85% Medium-Term Notes, Series A (Senior), due
2019 (the “ 2019 Notes ” and, together with the
2014 Notes, the “ Securities ”), each as
described in Pricing Term Sheets attached as Annex 2 hereto,
on the terms set out in such Pricing Term Sheets and on the terms
set out below. Unless otherwise defined herein, all terms used
herein have the meanings given to them in the Distribution
Agreement.
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1.
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Subject to the
terms and conditions of the Distribution Agreement and this
Agreement, the Issuer hereby agrees to issue the 2014 Notes, and
the Agents severally agree to purchase the respective principal
amount of 2014 Notes set forth opposite their names on Annex
1 hereto at the purchase price of 99.599% of the principal
amount thereof (being equal to the issue price of 99.949% of the
principal amount less a management and underwriting fee of 0.35% of
the principal amount).
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2.
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Subject to the
terms and conditions of the Distribution Agreement and this
Agreement, the Issuer hereby agrees to issue the 2019 Notes, and
the Agents severally agree to purchase the respective principal
amount of 2019 Notes set forth opposite their names on Annex
1 hereto at the purchase price of 99.387% of the principal
amount thereof (being equal to the issue price of 99.837% of the
principal amount less a management and underwriting fee of 0.45% of
the principal amount).
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3.
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The Applicable
Time means 4:30 p.m. (Eastern time) on April 27,
2009.
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4.
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The purchase price specified
above will be paid by the Agents by wire transfer in immediately
available funds to the Issuer at such time on May 4, 2009 as
the Issuer and the Agents may agree, or at such other time and/or
date as the Issuer
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and the Agents may agree (the
“ Settlement Time ”) against delivery of the
Securities to or upon your order in the manner contemplated in the
Distribution Agreement.
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5.
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The
Agents’ obligations hereunder are conditional on (a) the
receipt of: (i) opinions of counsel described in
Section 5(a) of the Distribution Agreement, dated as of the
Settlement Time; provided, however, that the Agents hereby
waive the right to receive the opinions of counsel described in
Section 5(a) of the Distribution Agreement, on the date
hereof, such date being defined as the “Closing Time”
in the Distribution Agreement (it being understood that such
opinions of counsel shall be delivered to the Agents at the
Settlement Time, dated as of the Settlement Time), (ii) the
officers’ certificate described in Section 5(b) of the
Distribution Agreement, dated as of the Settlement Time;
provided, however, that the Agents hereby waive the right to
receive the officers’ certificate described in
Section 5(b) of the Distribution Agreement at the Closing Time
(it being understood that such officers’ certificate shall be
delivered to the Agents at the Settlement Time, dated as of the
Settlement Time), and (iii) a “comfort letter” on
the date hereof and a “bring-down comfort letter” at
the Settlement Time, as described in Section 5(c) of the
Distribution Agreement, dated as of the date hereof and as of the
Settlement Time, respectively; (b) since the date of this
Agreement, there having not occurred, in the reasonable opinion of
the Agents, a change in international financial, political or
economic conditions or currency exchange rates or exchange controls
as would be likely to prejudice materially the sale by the Agents
of the Securities; and (c) such other opinions, certificates
and documents as may be agreed by the Issuer and the Agents on or
prior to the date of this Agreement.
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6.
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The provisions
of Section 2(b) of the Distribution Agreement related to
Defaulted Securities and the related definitions are incorporated
by reference herein and shall be deemed to have the same force and
effect as if set forth in full herein. As used herein, the term
“Agent” includes any person substituted for or added as
an Agent under this Section 6 .
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This Agreement is a Syndicated Terms
Agreement referred to in the Distribution Agreement and shall be
governed by and construed in accordance with the law of the State
of New York.
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Very truly
yours,
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BARCLAYS
CAPITAL INC.
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By:
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Name:
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Nyagaka
Onger
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Title:
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Managing
Director
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J.P. MORGAN
SECURITIES INC.
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By:
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Name:
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Title:
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BB&T
CAPITAL MARKETS, A DIVISION OF
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SCOTT &
STRINGFELLOW, LLC
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By:
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Name:
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Title:
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Terms Agreement
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