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SunTrust Banks plans fixed-to-floating notes with 3% initial rate
By Toni Weeks
San Luis Obispo, Calif., May 8 - SunTrust Banks, Inc. plans to price fixed-to-floating-rate notes due May 29, 2018, according to an FWP filing with the Securities and Exchange Commission.
The coupon will be 3% for the first year. After that, the interest rate will be Libor plus 25 basis points, subject to a minimum interest rate of 0.25% and a maximum interest rate of 5%. Interest will be payable quarterly.
The payout at maturity will be par.
The notes (Cusip: 86802WAW8) are expected to price May 23 and settle May 29.
SunTrust Robinson Humphrey, Inc. is the agent.
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