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Truist offers $1,000-par fixed-rate reset non-cumulative preferreds
By James McCandless
San Antonio, May 27 – Truist Financial Corp. plans to price an offering of $1,000-par series P fixed-rate reset non-cumulative perpetual preferred stock, according to a 424B3 filing with the Securities and Exchange Commission.
Morgan Stanley & Co. LLC, RBC Capital Markets Corp. and SunTrust Robinson Humphrey, Inc. are the bookrunners.
Dividends are payable on June 1 and Dec. 1, commencing on Dec. 1, 2020.
The dividend is fixed until Dec. 1, 2025, then resets every five years to the Treasury rate plus a spread.
The preferreds are redeemable on or after Dec. 1, 2025 at par. Prior to that, the preferreds are redeemable within 90 days after a regulatory capital treatment event.
Truist plans to use the proceeds for general corporate purposes.
The company does not plan to list the preferreds on any securities exchange.
Truist is a Charlotte-based bank holding company.
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