Published on 2/27/2013 in the Prospect News Structured Products Daily.
New Issue: SunTrust Banks prices $4.32 million fixed-to-floating notes with 2.05% initial rate
By Toni Weeks
San Luis Obispo, Calif., Feb. 27 - SunTrust Banks, Inc. priced $4.32 million of fixed-to-floating-rate notes due Aug. 30, 2016, according to a 424B2 filing with the Securities and Exchange Commission.
The coupon will be 2.05% for the first year. After that, the interest rate will be Libor plus 25 basis points, subject to a maximum interest rate of 4% and a floor of 0.25%. Interest will be payable quarterly.
The payout at maturity will be par.
SunTrust Robinson Humphrey, Inc. is the agent.
| Issuer: | SunTrust Banks, Inc.
|
| Issue: | Fixed-to-floating notes
|
| Amount: | $4,321,000
|
| Maturity: | Aug. 30, 2016
|
| Coupon: | 2.05% initially; beginning Feb. 28, 2014, Libor plus 25 bps, capped at 4%, floor of 0.25%; payable quarterly
|
| Price: | Variable
|
| Payout at maturity: | Par
|
| Pricing date: | Feb. 25
|
| Settlement date: | Feb. 28
|
| Agent: | SunTrust Robinson Humphrey, Inc.
|
| Fees: | 0.55%
|
| Cusip: | 86802WAT5
|
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