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SunTrust Banks to price fixed-to-floating notes with 4% initial rate
By Marisa Wong
Madison, Wis., July 10 - SunTrust Banks, Inc. plans to price fixed-to-floating-rate notes due July 31, 2017, according to an FWP filing with the Securities and Exchange Commission.
The coupon will be 4% for the first year. After that, the interest rate will be Libor plus a spread of at least 100 basis points, subject to a minimum interest rate of 1.1% and a maximum interest rate of 6%. The exact spread will be set at pricing. Interest will be payable quarterly.
The payout at maturity will be par.
The notes (Cusip: 86802WAN8) are expected to price July 26 and settle July 31.
SunTrust Robinson Humphrey, Inc. is the agent.
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