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SunTrust to price fixed-to-floating notes with 3.25% initial rate
By Marisa Wong
Madison, Wis., Jan. 7 - SunTrust Banks, Inc. plans to price fixed-to-floating notes due July 30, 2018, according to an FWP filing with the Securities and Exchange Commission.
The coupon will be 3.25% for the first 15 months. After that, the rate will be Libor plus at least 25 basis points, subject to a minimum rate of 0.25% and a maximum rate of 5%. The exact spread will be set at pricing. Interest is payable quarterly.
The payout at maturity will be par.
SunTrust Robinson Humphrey, Inc. is the agent.
The notes will price on Jan. 25 and settle on Jan. 30.
The Cusip number is 86802WAS7.
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