New Issue: SunTrust Banks prices $650 million 2.5% five-year notes at 80 bps spread

By Aleesia Forni

Virginia Beach, April 24 - SunTrust Banks Inc. priced $650 million of 2.5% notes due 2019 (expected Baa1/BBB/BBB+) at Treasuries plus 80 basis points, according to a market source and an FWP filed with the Securities and Exchange Commission on Thursday.

Pricing was at 99.911 to yield 2.519%.

The notes become callable at par one month prior to maturity.

Proceeds will be used for general corporate purposes.

Barclays, Credit Suisse Securities (USA) LLC and SunTrust Robinson Humphrey Inc. were the bookrunners.

SunTrust is an Atlanta-based financial services company.

Issuer:	SunTrust Banks Inc.
Amount:	$650 million
Description:	Senior notes
Maturity:	May 1, 2019
Bookrunners:	Barclays, Credit Suisse Securities (USA) LLC, SunTrust Robinson Humphrey Inc.
Co-managers:	Loop Capital Markets LLC, Apto Partners, LLC, RBC Capital Markets, LLC, Deutsche Bank Securities Inc.
Coupon:	2.5%
Price:	99.911
Yield:	2.519%
Spread:	Treasuries plus 80 bps
Call option:	At par beginning April 1, 2019
Trade date:	April 24
Settlement date:	May 1
Expected ratings:	Moody's: Baa1
	Standard & Poor's: BBB
	Fitch: BBB+
Price talk:	Treasuries plus 85 bps area
Distribution:	SEC-registered

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