Truist announces redemption of floating rate senior notes due June 2021

Rhea-AI Summary

Truist Financial Corporation (NYSE: TFC) will redeem $250 million of its floating rate senior notes due June 1, 2021, on May 1, 2021. The redemption price will equal 100% of the principal amount plus accrued interest, ceasing on the redemption date. Payments will occur on the next business day, May 3, 2021, via The Depository Trust Company. As of March 31, 2021, Truist has total assets of $518 billion, positioning it as the sixth-largest commercial bank in the U.S.

Positive

• Redemption of $250 million senior notes indicates strong liquidity management.
• Maintaining a substantial asset base of $518 billion strengthens overall financial stability.

Negative

• None.

CHARLOTTE, N.C., April 19, 2021 /PRNewswire/ -- Truist Financial Corporation (NYSE: TFC) today announced it will redeem all $250,000,000 principal amount outstanding of its floating rate senior notes due June 1, 2021 (CUSIP 05531FBC6) on the redemption date of May 1, 2021.

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

As the redemption date occurs on a weekend, payment of the redemption price of the senior notes will be made the next following business day, May 3, 2021, 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 the sixth-largest commercial bank in the U.S. 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 senior notes?

Truist's senior notes will be redeemed on May 1, 2021.

How much is Truist redeeming in senior notes?

Truist is redeeming $250 million of its floating rate senior notes.

When will the payment for the redeemed senior notes be made?

Payment will be made on May 3, 2021.

What is the principal amount of the senior notes being redeemed by Truist?

The principal amount being redeemed is $250 million.

What are the total assets of Truist as of March 31, 2021?

Truist's total assets are $518 billion as of March 31, 2021.