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SunTrust Banks to price contingent coupon notes linked to S&P 500
By Angela McDaniels
Tacoma, Wash., Oct. 7 - SunTrust Banks, Inc. plans to price contingent coupon notes due Oct. 31, 2016 linked to the S&P 500 index, according to an FWP filing with the Securities and Exchange Commission.
If the index closes at or above the initial level on an annual observation date, the notes will pay a coupon. Otherwise, no coupon will be paid for that year.
The observation dates are Oct. 26, 2011, Oct. 26, 2012, Oct. 28, 2013, Oct. 27, 2014 and Oct. 26, 2015. The coupon is 4% in years one and two, 5% in years three and four and 6% in year five.
The payout at maturity will be par plus a fixed payment that is expected to be 5% to 7% and will be set at pricing.
The notes (Cusip 86802WAA6) will price Oct. 26 and settle Oct. 29.
SunTrust Robinson Humphrey Inc. is the agent.
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