Truist announces redemption of callable fixed rate notes due October 2022

Rhea-AI Summary

Truist Financial Corporation (NYSE: TFC) has announced the redemption of $9,436,000 principal amount of its 2.60% callable notes due October 30, 2022, effective July 30, 2021. The redemption price will be 100% of the principal plus accrued interest, with interest ceasing on the redemption date. The payment process will occur via The Depository Trust Company. As of March 31, 2021, Truist held total assets of $518 billion, ranking among the top 10 U.S. commercial banks.

Positive

• Redemption of $9,436,000 callable notes indicates financial stability.
• Truist remains a top 10 U.S. commercial bank with $518 billion in assets.

Negative

• None.

CHARLOTTE, N.C., June 22, 2021 /PRNewswire/ -- Truist Financial Corporation (NYSE: TFC) today announced it will redeem all $9,436,000 principal amount outstanding of its 2.60% callable notes due Oct. 30, 2022 (CUSIP 86802WBD9) on the redemption date of July 30, 2021.

The redemption price for the notes will be equal to 100% of their principal amount plus any accrued and unpaid interest to but excluding the redemption date. Interest on the notes will cease to accrue on and after the redemption date.

Payment of the redemption price for the notes will be made through the facilities of The Depository Trust Company.

About Truist
Truist Financial Corporation is a purpose-driven financial services company committed to inspiring and building better lives and communities. Formed by the historic merger of equals of BB&T and SunTrust, Truist has leading market share in many high-growth markets in the country. The company offers a wide range of services including retail, small business and commercial banking; asset management; capital markets; commercial real estate; corporate and institutional banking; insurance; mortgage; payments; specialized lending; and wealth management. Headquartered in Charlotte, North Carolina, Truist is a top 10 U.S. commercial bank with total assets of $518 billion as of March 31, 2021. Truist Bank, Member FDIC. Learn more at Truist.com.

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SOURCE Truist Financial Corporation

FAQ

What is the redemption date for Truist's callable notes due in October 2022?

The redemption date for Truist's callable notes due in October 2022 is July 30, 2021.

How much is Truist redeeming in callable notes?

Truist is redeeming $9,436,000 in callable notes.

What will happen to the interest on the callable notes after redemption?

Interest on the callable notes will cease to accrue on and after the redemption date.

What is the significance of the callable notes redemption for Truist?

The callable notes redemption indicates Truist's financial management and stability in handling its liabilities.