By Cristal Cody
Tupelo, Miss., Oct. 24 – SunTrust Bank priced $1.4 billion of senior notes (Baa1/A-/A-) in three tranches on Wednesday, according to a market source.
The company sold $600 million of three-year floating-rate notes at Libor plus 50 basis points.
SunTrust Bank priced $300 million of 3.525% three-year fixed-to-floating rate notes at a spread of 70 bps over Treasuries. The rate will reset to a floating rate after the initial fixed-rate period.
Also, a $500 million tranche of 4.05% seven-year fixed-to-floating rate notes priced with a spread of 103 bps over Treasuries. The notes will have a floating rate after the initial fixed-rate period.
J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, SunTrust Robinson Humphrey Inc. and UBS Securities LLC were the bookrunners.
The bank is a subsidiary of Atlanta-based financial holding company SunTrust Banks, Inc.
| Issuer: | SunTrust Bank
|
| Amount: | $1.4 billion
|
| Description: | Senior notes
|
| Bookrunners: | J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, SunTrust Robinson Humphrey Inc. and UBS Securities LLC
|
| Trade date: | Oct. 24
|
| Ratings: | Moody’s: Baa1
|
| S&P: A-
|
| Fitch: A-
|
|
|
| Three-year floaters
|
| Amount: | $600 million
|
| Description: | Floating-rate notes
|
| Maturity: | Oct. 26, 2021
|
| Coupon: | Libor plus 50 bps
|
|
|
| Three-year fixed-to-floaters
|
| Amount: | $300 million
|
| Description: | Fixed-to-floating rate notes
|
| Maturity: | Oct. 26, 2021
|
| Coupon: | 3.525%; resets to floating rate after initial fixed-rate period
|
| Spread: | Treasuries plus 70 bps
|
|
|
| Seven-year fixed-to-floaters
|
| Amount: | $500 million
|
| Description: | Fixed-to-floating rate notes
|
| Maturity: | Nov. 3, 2025
|
| Coupon: | 4.05%; resets to floating rate after initial fixed-rate period
|
| Spread: | Treasuries plus 103 bps
|
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