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SunTrust Banks to price floating-rate notes with 1% minimum coupon
By Toni Weeks
San Luis Obispo, Calif., July 8 - SunTrust Banks, Inc. plans to price floored floating-rate notes due July 30, 2018, according to an FWP filing with the Securities and Exchange Commission.
Interest will accrue at Libor plus at least 90 basis points, subject to a minimum interest rate of 1%. The exact spread will be set at pricing. Interest will be payable quarterly.
The payout at maturity will be par.
SunTrust Robinson Humphrey, Inc. is the agent.
The notes (Cusip: 86802WAZ1) will price July 25 and settle July 30.
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