Fifth Third's 6.625% fixed-to-floating noncumulative preferreds admitted to Nasdaq

By Stephanie N. Rotondo

Phoenix, Dec. 17 - Fifth Third Bancorp's $450 million of 6.625% $25-par series I fixed-to-floating rate noncumulative perpetual preferred stock listed on the Nasdaq Global Select Market on Tuesday.

The deal priced Dec. 4. The ticker symbol is "FITBI."

The preferreds were issued as depositary shares representing a 1/1,000th interest.

BofA Merrill Lynch, Goldman Sachs & Co., Morgan Stanley & Co. LLC and Wells Fargo Securities LLC were the joint bookrunning managers.

The dividend will be fixed through Dec. 31, 2023. After Dec. 31, 2023, the issue will begin to float at Libor plus 371 basis points and will reset quarterly.

When declared, the dividend will be payable on the last day of March, June, September and December.

The preferreds become redeemable on or after Dec. 31, 2023 or prior to that date, in whole but not in part, in the event of a regulatory capital event.

The redemption price is par plus accrued dividends.

Proceeds will be used for general corporate purposes, which may include common stock repurchases.

Fifth Third is a Cincinnati-based financial services company.

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