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SunTrust plans 10-year callable step-up notes with 2.5% initial rate
By Angela McDaniels
Tacoma, Wash., Oct. 14 – SunTrust Banks, Inc. plans to price callable step-up notes due Nov. 2, 2026, according to an FWP filing with the Securities and Exchange Commission.
The interest rate will be 2.5% in years one through five, 3% in years six through eight, 4.5% in year nine and 6% in year 10. Interest will be payable quarterly.
The payout at maturity will be par.
Beginning Oct. 31, 2021, the notes will be callable quarterly at par.
SunTrust Robinson Humphrey, Inc. is the agent.
The notes will price Oct. 26.
The Cusip number is 86802WBC1.
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