Truist announces redemption of senior notes due April 2022

Rhea-AI Summary

Truist Financial Corporation (NYSE: TFC) has announced the redemption of all $1 billion in 2.750% senior notes and $350 million in floating rate senior notes, both maturing on April 1, 2022. The redemption will occur on March 1, 2022, at 100% of the principal amount plus accrued interest. Following the redemption date, interest will cease to accrue. This strategic move aligns with Truist's broader financial management and aims to enhance its capital structure.

Positive

• Redemption of $1 billion in 2.750% senior notes enhances financial management.
• Redemption of $350 million in floating rate senior notes improves capital structure.

Negative

• None.

CHARLOTTE, N.C., Feb. 17, 2022 /PRNewswire/ -- Truist Financial Corporation (NYSE: TFC) today announced it will redeem on Mar. 1, 2022, all $1,000,000,000 principal amount outstanding of its 2.750% senior notes due Apr. 1, 2022 (CUSIP 05531FAX1) and all $350,000,000 principal amount outstanding of its floating rate senior notes due Apr. 1, 2022 (CUSIP 05531FAY9) (collectively, the "senior notes".)

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 of Mar. 1, 2022. Interest on the senior notes will cease to accrue on and after the redemption date.

Payment of the redemption price for the senior 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 $541 billion as of December 31, 2021. Truist Bank, Member FDIC. Learn more at Truist.com.

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SOURCE Truist Financial Corporation

FAQ

When will Truist Financial redeem its senior notes?

Truist Financial will redeem its senior notes on March 1, 2022.

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

Truist is redeeming a total of $1.35 billion in senior notes.

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

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

What is the maturity date of Truist's senior notes being redeemed?

The maturity date of the senior notes being redeemed is April 1, 2022.