Published on 7/30/2012 in the Prospect News Structured Products Daily.
New Issue: SunTrust Banks prices $22.5 million fixed-to-floating notes due 2015
By Susanna Moon
Chicago, July 30 - SunTrust Banks, Inc. priced $22.5 million of fixed-to-floating notes due July 31, 2015, according to a 424B2 filing with the Securities and Exchange Commission.
The coupon will be 2.4% for the first 18 months. After that, the rate will be Libor plus 50 basis points, with a minimum rate of 1% and up to a maximum rate of 5%. Interest is payable quarterly.
The payout at maturity will be par.
SunTrust Robinson Humphrey, Inc. is the agent.
| Issuer: | SunTrust Banks, Inc.
|
| Issue: | Fixed-to-floating notes
|
| Amount: | $22,496,000
|
| Maturity: | July 31, 2015
|
| Coupon: | 2.4% initially; beginning Jan. 31, 2014, Libor plus 50 bps, floor of 1% and capped at 5%; payable quarterly
|
| Price: | Variable
|
| Payout at maturity: | Par
|
| Pricing date: | July 26
|
| Settlement date: | July 31
|
| Agent: | SunTrust Robinson Humphrey, Inc.
|
| Fees: | 0.82%
|
| Cusip: | 86802WAM0
|
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