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SunTrust Banks to price fixed-to-floating notes with 3.5% initial rate
By Angela McDaniels
Tacoma, Wash., Feb. 27 - SunTrust Banks, Inc. plans to price fixed-to-floating-rate notes due March 16, 2017, according to an FWP filing with the Securities and Exchange Commission.
The coupon will be 3.5% for the first year. In years two through five, the interest rate will be Libor plus at least 100 basis points, subject to a minimum interest rate of 1.5% per year and a maximum interest rate of 6% per year. The exact margin will be set at pricing. Interest will be payable quarterly.
The payout at maturity will be par.
The notes (Cusip: 86802WAH1) are expected to price March 13 and settle March 16.
SunTrust Robinson Humphrey, Inc. is the agent.
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