Truist Financial to offer fixed-to-floating notes due 2029

By Mary-Katherine Stinson

Lexington, Ky., Oct. 25 – Truist Financial Corp. intends to price an offering of series G fixed-to-floating rate senior notes due October 2029 (Cusip: 89788MAQ5), according to a 424B3 filed with the Securities and Exchange Commission.

The initial fixed-rate interest period will last until October 2028, at which point interest will be SOFR plus a margin.

The notes will have a make-whole call that starts 180 days after issue, in April 2024, and will last until the planned October 2028 first par call date. If the notes are not redeemed early on the first par call date, the notes will become non-callable until September 2029, one month prior to maturity, at which time the notes will become callable at par.

Proceeds from the offering will be used for general corporate purposes, which may include acquisitions, stock repurchases, repayment of maturing obligations and refinancing of outstanding debt and extending credit to, or funding investments in, its subsidiaries.

Truist Securities, Inc., Goldman Sachs & Co. LLC and RBC Capital Markets LLC are the joint bookrunning managers.

In-house counsel and Squire Patton Boggs (US) LLP are counsel to the issuer. Sidley Austin LLP is counsel to the underwriters.

Truist is a Charlotte, N.C.-based bank holding company.

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