By Marisa Wong
Morgantown, W.Va., Oct. 28 – SunTrust Banks, Inc. priced $17.2 million of callable step-up notes due Nov. 2, 2026, according to a 424B2 filing with the Securities and Exchange Commission.
The interest rate will be 2.5% in years one through five, 3% in years six through eight, 4.5% in year nine and 6% in year 10. Interest will be payable quarterly.
The payout at maturity will be par.
Beginning Oct. 31, 2021, the notes will be callable quarterly at par.
SunTrust Robinson Humphrey, Inc. is the agent.
| Issuer: | SunTrust Banks, Inc.
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| Issue: | Callable step-up notes
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| Amount: | $17.2 million
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| Maturity: | Nov. 2, 2026
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| Coupon: | 2.5% in years one through five, 3% in years six through eight, 4.5% in year nine and 6% in year 10; payable quarterly
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| Price: | Par
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| Payout at maturity: | Par
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| Call option: | At par quarterly beginning Oct. 31, 2021
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| Pricing date: | Oct. 26
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| Settlement date: | Oct. 31
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| Agent: | SunTrust Robinson Humphrey, Inc.
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| Fees: | 1.24%
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| Cusip: | 86802WBC1
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