Truist Financial to offer fixed-to-floating notes due 2030, 2035

By Mary-Katherine Stinson

Lexington, Ky., Jan. 22 – Truist Financial Corp. intends to price a two-tranche offering of series I fixed-to-floating rate senior notes due January 2030 (Cusip: 89788MAR3) and January 2035 (Cusip: 89788MAS1), according to 424B3s filed with the Securities and Exchange Commission.

The initial fixed-rate interest periods will last until January 2029 and January 2034, respectively, at which point interest will be SOFR plus a margin.

The notes will have a make-whole call that starts 180 days after issue and will last until the planned reset date, one year prior to maturity. If the notes are not redeemed in full on the reset date, the 2030 notes will become non-callable until December 2029, one month prior to maturity The 2030 notes will become non-callable until October 2034, three months prior to maturity, at which time the notes will become callable at par.

Truist Securities, Inc., BofA Securities, Inc., Citigroup Global Markets Inc. and UBS Securities LLC are acting as joint bookrunning managers of the offering.

Mayer Brown LLP is counsel to the issuer.

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

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