Published on 10/31/2012 in the Prospect News Structured Products Daily.
New Issue: SunTrust prices $1.13 million fixed-to-floating notes with 2% initial rate
By Susanna Moon
Chicago, Oct. 31 - SunTrust Banks, Inc. priced $1.13 million of fixed-to-floating notes due Oct. 31, 2017, according to a 424B2 filing with the Securities and Exchange Commission.
The coupon will be 2% for first 2.5 years. After that, the rate will be equal to Libor, with a minimum rate of 1% and up to a maximum rate of 5%. Interest is payable quarterly.
The payout at maturity will be par.
SunTrust Robinson Humphrey, Inc. is the agent.
Issuer: | SunTrust Banks, Inc.
|
Issue: | Fixed-to-floating notes
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Amount: | $1,128,000
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Maturity: | Oct. 31, 2017
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Coupon: | 2% initially; beginning April 30, 2015, equal to Libor, floor of 1% and capped at 5%; payable quarterly
|
Price: | Variable
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Payout at maturity: | Par
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Pricing date: | Oct. 26
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Settlement date: | Oct. 31
|
Agent: | SunTrust Robinson Humphrey, Inc.
|
Fees: | 0.79%
|
Cusip: | 86802WAR9
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