Truist announces redemption of senior notes due September 2021

Rhea-AI Summary

Truist Financial Corporation (NYSE: TFC) announced the redemption of its $500 million senior notes with a 3.200% interest rate, due on September 3, 2021. The redemption will occur on August 3, 2021, at 100% of the principal amount, plus any accrued interest until the redemption date. Interest will cease on the redemption date. This move is part of Truist's financial strategy and demonstrates its commitment to managing its debt effectively.

Positive

• Redemption of $500 million senior notes indicates strong liquidity management.
• Interest will cease accruing, which may enhance financial stability.

Negative

• None.

CHARLOTTE, N.C., July 23, 2021 /PRNewswire/ -- Truist Financial Corporation (NYSE: TFC) today announced it will redeem all $500,000,000 principal amount outstanding of its 3.200% senior notes due Sept. 3, 2021 (CUSIP 05531FBD4) on the redemption date of Aug. 3, 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.

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 $522 billion as of June 30, 2021. Truist Bank, Member FDIC. Learn more at Truist.com.

View original content:https://www.prnewswire.com/news-releases/truist-announces-redemption-of-senior-notes-due-september-2021-301340354.html

SOURCE Truist Financial Corporation

FAQ

When will Truist redeem its senior notes due in September 2021?

Truist will redeem its senior notes on August 3, 2021.

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

Truist is redeeming $500 million principal amount of its senior notes.

What is the interest rate of the senior notes that Truist is redeeming?

The senior notes being redeemed have a 3.200% interest rate.

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.

How does the redemption of senior notes impact Truist's financial position?

The redemption reflects effective debt management and may enhance Truist's financial stability.