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SunTrust Banks to price contingent coupon notes linked to S&P 500
By Jennifer Chiou
New York, Jan. 4 - SunTrust Banks, Inc. plans to price contingent coupon notes due July 29, 2014 linked to the S&P 500 index, according to an FWP with the Securities and Exchange Commission.
For the first year, interest will be 3%, payable semiannually. If the index closes at or above the strike level, 5% to 7% above the initial level, on any semiannual observation date, the notes will pay a contingent coupon of 4%. Otherwise, no coupon will be paid for that year. The exact strike level will be set at pricing.
The payout at maturity will be par plus the last coupon payment, if any.
The notes (Cusip: 86802WAC2) will price on Jan. 24 and settle on Jan. 28.
SunTrust Robinson Humphrey Inc. is the agent.
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