Published on 5/15/2012 in the Prospect News Structured Products Daily.
New Issue: SunTrust prices $5.88 million fixed-to-floating notes with 3.5% initial rate, 6% cap
By Susanna Moon
Chicago, May 15 - SunTrust Banks, Inc. priced $5.88 million of fixed-to-floating notes due May 16, 2017, according to a 424B2 filing with the Securities and Exchange Commission.
The coupon will be 3.5% for the first year. After that, it will be Libor plus 100 basis points, with a minimum rate of 1% and up to a maximum rate of 6%. 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
|
| Amount: | $5,884,000
|
| Maturity: | May 16, 2017
|
| Coupon: | 3.5% initially; beginning in year two, Libor plus 100 bps, floor of 1% and capped at 6%; payable quarterly
|
| Price: | Variable
|
| Payout at maturity: | Par
|
| Pricing date: | May 11
|
| Settlement date: | May 16
|
| Agent: | SunTrust Robinson Humphrey, Inc.
|
| Fees: | 0.98%
|
| Cusip: | 86802WAK4
|
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