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SunTrust Banks to price fixed-to-floating notes with 3.5% initial rate
By Toni Weeks
San Diego, May 8 - SunTrust Banks, Inc. plans to price fixed-to-floating-rate notes due May 16, 2017, according to an FWP filing with the Securities and Exchange Commission.
The coupon will be 3.5% for the first year. After that, the interest rate will be Libor plus 100 basis points, subject to a minimum interest rate of 1% and a maximum interest rate of 6%. Interest will be payable quarterly.
The payout at maturity will be par.
The notes (Cusip: 86802WAK4) are expected to price May 11 and settle May 16.
SunTrust Robinson Humphrey, Inc. is the agent.
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