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SunTrust talks fixed-to-floating noncumulative preferreds at 5.25%
By Stephanie N. Rotondo
Seattle, April 27 – SunTrust Banks Inc. set price talk for an offering of $1,000-par series G fixed-to-floating rate noncumulative perpetual preferred stock at 5.25%, according to a market source.
Credit Suisse Securities (USA) LLC, Goldman Sachs & Co., Morgan Stanley & Co. LLC and SunTrust Robinson Humphrey are the joint bookrunners.
Dividends will be fixed until June 15, 2022 and will be paid semi-annually. After that, the rate will float at Libor plus a spread and will be paid quarterly.
The preferreds will be redeemable on any dividend date beginning on June 15, 2022. Additionally, the company can redeem the issue in whole upon a regulatory capital treatment event.
The call price is par plus accrued dividends.
The new securities will not be listed.
Proceeds will be used for general corporate purposes.
SunTrust is an Atlanta-based financial services company.
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