Published on 5/28/2013 in the Prospect News Structured Products Daily.
New Issue: SunTrust Banks prices $2.76 million fixed-to-floating notes with 3% initial rate
By Toni Weeks
San Luis Obispo, Calif., May 28 - SunTrust Banks, Inc. priced $2.76 million of fixed-to-floating-rate notes due May 29, 2018, according to a 424B2 filing with the Securities and Exchange Commission.
The coupon will be 3% for the first year. After that, the interest rate will be Libor plus 25 basis points, subject to a minimum interest rate of 0.25% and a maximum interest rate of 5%. Interest will be 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: | $2,763,000
|
| Maturity: | May 29, 2018
|
| Coupon: | 3% initially; beginning May 29, 2014, Libor plus 25 bps, capped at 5%, floor of 0.25%; payable quarterly
|
| Price: | Variable
|
| Payout at maturity: | Par
|
| Pricing date: | May 23
|
| Settlement date: | May 29
|
| Agent: | SunTrust Robinson Humphrey, Inc.
|
| Fees: | 0.995%, approximate
|
| Cusip: | 86802WAW8
|
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