SunTrust Banks plans fixed-to-floaters with 3.5% initial rate, 6% cap

By Susanna Moon

Chicago, April 10 - SunTrust Banks, Inc. plans to price fixed-to-floating notes due April 30, 2017, according to an FWP filing with the Securities and Exchange Commission.

The coupon will be 3.5% for the first year. After that, it will be equal to Libor plus 100 basis points, subject to a cap of 6% and a floor of 1.25%. Interest is payable quarterly.

The payout at maturity will be par.

SunTrust Robinson Humphrey, Inc. is the agent.

The notes will price on April 25 and settle on April 30.

The Cusip number is 86802WAJ7.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.