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Fifth Third to redeem $575 million 7.25% trust preferreds due 2067
By Toni Weeks
San Diego, July 2 - Fifth Third Bancorp said it will redeem $575 million principal amount of 7.25% Fifth Third Capital Trust V trust preferred securities due Aug. 15, 2067 on Aug. 15, according to an 8-K filing with the Securities and Exchange Commission.
The preferreds will be redeemed at par plus accrued distributions for a total redemption price of $25.453125 per security. The redemption will be funded with currently available excess cash.
As stated in the indenture for the preferreds, they may be redeemed at any time on or after Aug. 15.
Wilmington Trust is the redemption agent for the securities.
In March, the company announced its intent to redeem up to $1.4 billion of trust preferred securities as part of its capital plan, according to a filing with the SEC.
The company submitted the plan to the Federal Reserve in January and received no objection to the redemption.
The financial services company has headquarters in Cincinnati.
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