Truist Announces Redemption of Senior Notes due June 2022

Rhea-AI Summary

Truist Financial Corporation (NYSE: TFC) announced the redemption of $1,350,000,000 principal amount of its 3.050% senior notes due June 20, 2022, effective May 20, 2022. The redemption price will be 100% of the principal plus accrued interest, which will cease on the redemption date. Payments will be processed through The Depository Trust Company. With total assets of $544 billion as of March 31, 2022, Truist is among the top 10 U.S. commercial banks, offering diverse financial services and holding significant market share in key growth areas.

Positive

• Redemption of $1,350,000,000 in senior notes may strengthen the company's balance sheet.
• Truist maintains leading market share in high-growth regions, indicating robust business positioning.

Negative

• None.

CHARLOTTE, N.C., May 9, 2022 /PRNewswire/ -- Truist Financial Corporation (NYSE: TFC) today announced it will redeem all $1,350,000,000 principal amount outstanding of its 3.050% senior notes due June 20, 2022 (CUSIP 05531FBG7) on the redemption date of May 20, 2022.

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.

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. 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 $544 billion as of March 31, 2022. Truist Bank, Member FDIC. Learn more at Truist.com.

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SOURCE Truist Financial Corporation

FAQ

What is the reason for Truist Financial Corporation's senior notes redemption on May 20, 2022?

Truist is redeeming the senior notes to strengthen its financial position.

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

Interest on the senior notes will cease to accrue on and after the redemption date, May 20, 2022.

How much principal amount of senior notes is Truist Financial Corporation redeeming?

Truist Financial Corporation is redeeming $1,350,000,000 of its senior notes.

When are the senior notes due that Truist is redeeming?

The senior notes are due on June 20, 2022.

What is the total asset value of Truist Financial Corporation as of March 31, 2022?

Truist Financial Corporation had total assets of $544 billion as of March 31, 2022.