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SunTrust to price fixed-to-floating notes with 2.25% initial rate
By Angela McDaniels
Tacoma, Wash., April 2 - SunTrust Banks, Inc. plans to price fixed-to-floating-rate notes due April 30, 2018, according to an FWP filing with the Securities and Exchange Commission.
The interest rate will be 2.25% for the first 20 months. After that, the rate will be one-month Libor plus 25 basis points, subject to a minimum rate of 0.25% per year and a maximum rate of 6% per year. Interest will be payable monthly.
The payout at maturity will be par.
SunTrust Robinson Humphrey, Inc. is the agent.
The notes are expected to price April 25 and settle April 30.
The Cusip number is 86802WAV0.
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