Truist to redeem $500 million series K perpetual preferreds March 16

By Sarah Lizee

Olympia, Wash., Feb. 10 – Truist Financial Corp. plans to redeem all $500 million of its perpetual preferred stock, series K, and all 500,000 of the related depositary shares (Cusip: 89832QAA7), each representing a 1/100th interest in a share of the preferred stock, on March 16.

The company will redeem the 5,000 shares of preferred stock at a cash redemption price equal to $100,000 per share plus any accrued dividends to the redemption date, according to a press release.

The series K depositary shares will be redeemed for cash at a redemption price representing 1/100th of the preferred stock redemption price, or $1,000 per depositary share plus any accrued dividends to the redemption date.

Regular dividends on the outstanding shares of the preferred stock and the series K depositary shares will be paid separately to holders of record as of Feb. 14.

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

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