Published on 7/29/2013 in the Prospect News Structured Products Daily.
New Issue: SunTrust prices $3.46 million fixed-to-floaters with 3% initial rate
By Jennifer Chiou
New York, July 29 - SunTrust Banks, Inc. priced $3,455,000 of fixed-to-floating notes due July 30, 2018, according to a 424B2 filing with the Securities and Exchange Commission.
The coupon will be 3% for the 1.5 years. After that, the interest rate will be Libor plus 25 basis points, subject to a minimum rate of 0.25% and a maximum interest rate of 6%. 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: | $3,455,000
|
| Maturity: | July 30, 2018
|
| Coupon: | 3% initially; beginning on Jan. 30, 2015, Libor plus 25 bps, capped at 6%, floor of 0.25%; payable quarterly
|
| Price: | Variable
|
| Payout at maturity: | Par
|
| Pricing date: | July 25
|
| Settlement date: | July 30
|
| Agent: | SunTrust Robinson Humphrey, Inc.
|
| Fees: | 1.11%
|
| Cusip: | 86802WAY4
|
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