Countrywide Financial Corp., the largest U.S. mortgage lender, planned to sell fixed- and floating-rate notes due in five years as soon as Monday, according to a person familiar with the offering.
The securities may have a "poison put" that would let investors sell the bonds back at 101 cents on the dollar if there were a change of control at the Calabasas, Calif., company and a ratings downgrade by Moody's Investors Service Inc., Standard & Poor's Corp., and Fitch Inc., said the person, who asked not to be identified because terms are not set.
Moody's gives the notes its seventh-highest investment grade rating, A3, while S&P rates them one level higher, at A, the person said Monday.
Goldman Sachs Group Inc., JPMorgan Chase & Co., and Lehman Brothers are managing the offering, according to the person.
