Rule: 424(b)(3)
File No: 333-62905
PRICING SUPPLEMENT NO. 9 DATED AUGUST 17, 1999
(To Prospectus Supplement dated September 25, 1998 and
Prospectus dated September 24, 1998)
FLEET FINANCIAL GROUP, INC.
SENIOR MEDIUM-TERM NOTES, SERIES N (The
"Senior Notes") and SUBORDINATED MEDIUM-TERM
NOTES, SERIES O (The "Subordinated Notes")
DUE 9 MONTHS OR MORE FROM DATE OF ISSUE
FLOATING RATE NOTE
Series N (Senior)[X] Series O (Subordinated)[ ]
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Principal Amount: $100,000,000.00 CUSIP Number: 33900Q AS 3
Price to Public: See additional Terms below Original Issue Discount (OID) Note: [ ]Yes [X]No
Total Amount of OID:
Issue Date: August 20, 1999 Yield to Maturity:
Maturity Date: August 20, 2002 Initial Accrual Period OID:
Issue Price (as % of principal): See below Price to Issuer (as % principal) 99.94447%
Specified Currency (if other than U.S. Dollars):
Interest Rate Basis:
[ ]CMT Rate [ ]Treasury Rate
Designated CMT Telerate Page: [ ]Federal Funds Rate
Designated CMT Maturity Index: [ ]Prime Rate
[ ]Commercial Paper Rate [ ]Other:
[X]LIBOR
LIBOR SCREEN
Telerate [X]
Reuters [ ]
Other [ ]
Index Maturity: 3 Month
Spread: plus 33 basis points
Spread Multiplier:
Maximum Interest Rate:
Minimum Interest Rate:
Initial Interest Rate: 5.81000%
Method of Calculation: Actual / 360 [X] Actual/Actual [ ] 30 / 360 []
Interest Determination Dates: [ ]One Business Day Prior to the
Interest Reset Date (No Rate Cutoff)
[ ]Two Business Days Prior to the
Interest Reset Date
[X]Two London Business Days Prior to the
Interest Reset Date
Initial Interest Reset Date: November 20, 1999
Interest Reset Dates: Quarterly on each Interest Payment Date
Interest Payment Dates: the 20th of each February, May, August and
November or next good business day commencing
November 20, 1999.
Regular Record Dates (if other than the 15th day prior to each Interest Payment Date):
Interest Reset Period: Quarterly
Interest Payment Period: Quarterly
Calculation Agent (if other than First National Bank of Chicago):
Redemption: [X]The Notes cannot be redeemed prior to maturity
[ ]The Notes can be redeemed prior to maturity
Initial Redemption Date:
Initial Redemption Percentage:
Annual Redemption Percentage Reduction:
Repayment: [X]The Notes cannot be repaid prior to
maturity
[ ]The Notes can be repaid prior to
maturity, at the option of the holder
of the Note
Holder's Optional Repayment Date(s):
Index Currency: Place of Payment: Authorized Denomination:
(only if non-U.S. Dollar denominated)
Agent: Chase Securities Inc.
Agent's Capacity: [X]As Principal []As Agent
Delivery: DTC #187
Additional Terms:
The Notes may be sold at varying prices related to prevailing market conditions
at the time or times of resale.
Expenses:
The aggregate expenses, other than the Agents' Discounts and Commissions
specified in the Prospectus Supplement dated September 25, 1998 and the
Prospectus dated September 24, 1998, payable by Fleet Financial Group, Inc. are
estimated at up to $175,000, including reimbursement of the Agents' expenses,
based on an aggregate initial offering price of $2,000,000,000 of its Senior and
its Subordinated Notes.
Recent Developments: On March 14, 1999, Fleet Financial Group, Inc. ("FFG")
and BankBoston Corporation ("BankBoston") entered into an Agreement and Plan of
Merger (the "Merger Agreement") providing for the merger of BankBoston with and
into FFG (The "Merger"). Consummation of the Merger is subject to a number of
conditions, including (1) receipt of all requisite governmental approvals
(including the approval of the Board of Governors of the Federal Reserve
System), and (2) certain other customary conditions.
In addition, FFG and BankBoston cannot complete the Merger unless it is
approved by the Board of Governors of the Federal Reserve System. The United
States Department of Justice has input into this approval process. FFG and
BankBoston have proposed to divest approximately $12.5 billion of deposits from
the combined company. FFG believes that the proposed divestiture is consistent
with the antitrust guidelines of the Federal Reserve Board and the Department of
Justice, but there can be no assurance that one or both of these agencies may
not seek greater levels of divestiture. FFG does not believe that these
divestitures will have a significant negative effect on it.
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