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SunTrust Banks plans fixed-to-floaters with 3% initial rate, 6% cap
By Toni Weeks
San Luis Obispo, Calif., July 8 - SunTrust Banks, Inc. plans to price fixed-to-floating-rate notes due July 30, 2018, according to an FWP filing with the Securities and Exchange Commission.
The coupon will be 3% for the first 18 months. After that, interest will be Libor plus 25 basis points, subject to 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 (Cusip: 86802WAY4) will price July 25 and settle July 30.
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