Fifth Third Bancorp Announces Redemption of Senior Bancorp Notes Due June 4, 2021 and of Senior Bank Notes due June 14, 2021

Rhea-AI Summary

Fifth Third Bancorp (FITB) has announced the redemption of all outstanding floating rate senior notes worth $250 million, due June 4, 2021, effective May 5, 2021. Additionally, its subsidiary, Fifth Third Bank, will redeem fixed rate senior notes totaling $1.25 billion, due June 14, 2021, on May 15, 2021. Both redemptions will be executed at 100% of the principal plus accrued interest. This move demonstrates the Bancorp's ongoing commitment to managing its debt effectively.

Positive

• Redemption of $250 million floating rate senior notes indicates strong cash flow management.
• Redemption of $1.25 billion fixed rate senior notes reflects proactive debt management.

Negative

• None.

Fifth Third Bancorp (Nasdaq: FITB) today announced that it has submitted a redemption notice to the trustee for redemption of all of the Bancorp’s outstanding floating rate senior notes due June 4, 2021 (CUSIP 316773CW8) issued in the principal amount of $250 million. The Bancorp notes will be redeemed on May 5, 2021, pursuant to their terms and conditions for an amount equal to 100% of the principal amount plus accrued and unpaid interest to, but excluding, the redemption date. Fifth Third Bancorp also announced that its subsidiary, Fifth Third Bank, National Association, has submitted a redemption notice to the issuing and paying agent for redemption of all of the Bank’s outstanding 2.250% fixed rate senior notes due June 14, 2021 (CUSIP 31677QBG3) issued in the principal amount of $1.25 billion. The Bank notes will be redeemed on May 15, 2021 pursuant to their terms and conditions for an amount equal to 100% of the principal amount plus accrued and unpaid interest to, but excluding, the redemption date.

About Fifth Third Bancorp

Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio, and the indirect parent company of Fifth Third Bank, National Association, a federally chartered institution. As of December 31, 2020, the Company had $205 billion in assets and operated 1,134 full-service Banking Centers, and 2,397 Fifth Third branded ATMs in Ohio, Kentucky, Indiana, Michigan, Illinois, Florida, Tennessee, West Virginia, Georgia, North Carolina and South Carolina. In total, Fifth Third provides its customers with access to approximately 52,000 fee-free ATMs across the United States. Fifth Third operates four main businesses: Commercial Banking, Branch Banking, Consumer Lending, and Wealth & Asset Management. Fifth Third is among the largest money managers in the Midwest and, as of December 31, 2020, had $434 billion in assets under care, of which it managed $54 billion for individuals, corporations and not-for-profit organizations through its Trust and Registered Investment Advisory businesses. Investor information and press releases can be viewed at www.53.com. Fifth Third’s common stock is traded on the NASDAQ® Global Select Market under the symbol “FITB.”

View source version on businesswire.com: https://www.businesswire.com/news/home/20210319005043/en/

FAQ

What is the redemption date for Fifth Third Bancorp's floating rate senior notes?

The redemption date for Fifth Third Bancorp's floating rate senior notes is May 5, 2021.

How much is Fifth Third Bank redeeming in fixed rate senior notes?

Fifth Third Bank is redeeming $1.25 billion in fixed rate senior notes.

When will the fixed rate senior notes be redeemed?

The fixed rate senior notes will be redeemed on May 15, 2021.

What is the principal amount of the floating rate senior notes being redeemed?

The principal amount of the floating rate senior notes being redeemed is $250 million.

What interest rate is associated with the fixed rate senior notes of Fifth Third Bank?

The interest rate associated with the fixed rate senior notes of Fifth Third Bank is 2.250%.