By Cristal Cody
Eureka Springs, Ark., Feb. 29 – SunTrust Banks, Inc. sold $1 billion of 2.9% five-year senior notes (Baa1//A-) on Monday with a spread of 173 basis points over Treasuries, according to a market source.
The bank dropped an intended offering of floating-rate notes.
SunTrust Robinson Humphrey, Inc., Citigroup Global Markets Inc., Deutsche Bank Securities Inc. and Morgan Stanley & Co. LLC were the lead managers.
Proceeds will be used to redeem the bank’s $1 billion outstanding of 3.6% senior notes due 2016 and for general corporate purposes.
Atlanta-based SunTrust Banks is a financial holding company for SunTrust Bank.
| Issuer: | SunTrust Banks, Inc.
|
| Amount: | $1 billion
|
| Maturity: | March 3, 2021
|
| Securities: | Senior notes
|
| Bookrunners: | SunTrust Robinson Humphrey, Inc., Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Morgan Stanley & Co. LLC
|
| Coupon: | 2.9%
|
| Spread: | 173 bps over Treasuries
|
| Trade date: | Feb. 29
|
| Ratings: | Moody’s: Baa1
|
| Fitch: A-
|
| Distribution: | SEC registered
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
