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SunTrust Banks to price fixed-to-floating notes with 2% initial rate
By Marisa Wong
Madison, Wis., May 16 - SunTrust Banks, Inc. plans to price fixed-to-floating-rate notes due May 29, 2015, according to an FWP filing with the Securities and Exchange Commission.
The coupon will be 2% for the 18 months. After that, the interest rate will be Libor plus 50 basis points, subject to a minimum interest rate of 0.5% and a maximum interest rate of 5%. Interest will be payable quarterly.
The payout at maturity will be par.
The notes (Cusip: 86802WAL2) are expected to price May 25 and settle May 31.
SunTrust Robinson Humphrey, Inc. is the agent.
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