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SunTrust Banks plans fixed-to-floaters with 2% initial rate, 6% cap
By Susanna Moon
Chicago, May 9 - SunTrust Banks, Inc. plans to price fixed-to-floating-rate notes due May 29, 2019, according to an FWP filing with the Securities and Exchange Commission.
The coupon will be 2% for the first year. After that, interest will be Libor plus 80 basis points, subject to a minimum interest rate of 0.8% and a maximum interest rate of 6%. Interest will be payable quarterly.
The payout at maturity will be par.
SunTrust Robinson Humphrey, Inc. is the agent.
The notes will price on May 23 and settle on May 29.
The Cusip number is 86802WAX6.
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