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SunTrust plans 3.5-year fixed-to-floating notes with 3% initial rate
By Susanna Moon
Chicago, Aug. 6 - SunTrust Banks, Inc. plans to price fixed-to-floating notes due Feb. 29, 2016, according to a 424B2 filing with the Securities and Exchange Commission.
The coupon will be 3% for the first year. After that, the rate will be Libor plus 50 basis points, with a minimum rate of 0.5% and up to a maximum rate of 6%. Interest is payable quarterly.
The payout at maturity will be par.
SunTrust Robinson Humphrey, Inc. is the agent.
The notes will price on Aug. 28 and settle on Aug. 31.
The Cusip number is 86802WAP3.
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