Published on 4/29/2013 in the Prospect News Structured Products Daily.
New Issue: SunTrust Banks prices $3.61 million fixed-to-floating notes with 2.25% initial rate
By Angela McDaniels
Tacoma, Wash., April 29 - SunTrust Banks, Inc. priced $3.61 million of fixed-to-floating-rate notes due April 30, 2018, according to a 424B2 filing with the Securities and Exchange Commission.
The coupon will be 2.25% for the first 20 months. Beginning Dec. 30, 2014 the interest rate will be one-Libor plus 25 basis points, subject to a maximum interest rate of 6% and a floor of 0.25%. Interest will be payable monthly.
The payout at maturity will be par.
SunTrust Robinson Humphrey, Inc. is the agent.
Issuer: | SunTrust Banks, Inc.
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Issue: | Fixed-to-floating-rate notes
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Amount: | $3,606,000
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Maturity: | April 30, 2018
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Coupon: | 2.25% for first 20 months; beginning Dec. 30, 2014, one-month Libor plus 25 bps, capped at 6%, floor of 0.25%; payable monthly
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Price: | Variable prices
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Payout at maturity: | Par
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Pricing date: | April 25
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Settlement date: | April 30
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Agent: | SunTrust Robinson Humphrey, Inc.
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Fees: | 1%
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Cusip: | 86802WAV0
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