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Truist announces redemption of Series L Depositary Shares

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Truist Financial (NYSE: TFC) has announced the full redemption of all 7,500 shares of its Perpetual Preferred Stock, Series L and 750,000 related depositary shares on December 16, 2024. The redemption price will be $100,000 per preferred share and $1,000 per depositary share, plus any accrued and unpaid dividends. Regular dividends will be paid to holders of record as of November 8, 2024. After the redemption date, the shares will no longer be outstanding, and all rights of holders will cease. Truist, a leading U.S. commercial bank with total assets of $523 billion, operates in high-growth markets offering various financial services.

Truist Financial (NYSE: TFC) ha annunciato il completo riscatto di tutte le 7.500 azioni del suo Perpetual Preferred Stock, Serie L e 750.000 azioni depositarie correlate il 16 dicembre 2024. Il prezzo di riscatto sarà di $100.000 per azione preferita e di $1.000 per azione depositaria, oltre a qualsiasi dividendo maturato e non pagato. I dividendi regolari saranno pagati agli azionisti registrati al 8 novembre 2024. Dopo la data di riscatto, le azioni non saranno più in circolazione e tutti i diritti degli azionisti cesseranno. Truist, una delle principali banche commerciali statunitensi con attività totali di $523 miliardi, opera in mercati in forte crescita offrendo vari servizi finanziari.

Truist Financial (NYSE: TFC) ha anunciado el rescate completo de todas las 7,500 acciones de su Perpetual Preferred Stock, Serie L y 750,000 acciones de depósito relacionadas el 16 de diciembre de 2024. El precio de rescate será de $100,000 por acción preferente y de $1,000 por acción de depósito, más cualquier dividendo acumulado y no pagado. Los dividendos regulares se pagarán a los accionistas registrados hasta el 8 de noviembre de 2024. Después de la fecha de rescate, las acciones dejarán de estar en circulación y todos los derechos de los accionistas cesarán. Truist, un banco comercial líder en EE.UU. con activos totales de $523 mil millones, opera en mercados de alto crecimiento ofreciendo diversos servicios financieros.

트루이스트 파이낸셜(뉴욕증권거래소: TFC)은 2024년 12월 16일에 영구 우선주 L 시리즈의 7,500주와 관련된 750,000주를 전량 상환한다고 발표했습니다. 상환 가격는 우선주당 $100,000, 예탁주당 $1,000이며, 발생했지만 미지급된 배당금이 추가됩니다. 정기배당금은 2024년 11월 8일 기준의 주주에게 지급됩니다. 상환일 이후에는 주식이 더 이상 유통되지 않으며, 모든 주주의 권리가 종료됩니다. 트루이스트는 총 자산이 $5230억인 미국의 주요 상업은행으로, 다양한 금융 서비스를 제공하며 고성장 시장에서 운영되고 있습니다.

Truist Financial (NYSE: TFC) a annoncé le rachat complet de toutes les 7 500 actions de son Perpetual Preferred Stock, Série L, ainsi que de 750 000 actions de dépôt associées, le 16 décembre 2024. Le prix de rachat sera de 100 000 $ par action préférentielle et de 1 000 $ par action de dépôt, plus tout dividende accumulé et non payé. Des dividendes réguliers seront versés aux détenteurs enregistrés à partir du 8 novembre 2024. Après la date de rachat, les actions ne seront plus en circulation et tous les droits des détenteurs cesseront. Truist, une banque commerciale américaine de premier plan avec des actifs totaux de 523 milliards de $, opère sur des marchés à forte croissance en offrant divers services financiers.

Truist Financial (NYSE: TFC) hat die vollständige Einlösung aller 7.500 Aktien seiner Perpetual Preferred Stock, Serie L, sowie 750.000 damit verbundener Depotaktien zum 16. Dezember 2024 angekündigt. Der Einlösungspreis beträgt 100.000 USD pro Vorzugaktie und 1.000 USD pro Depotaktie, zuzüglich aller aufgelaufenen und nicht gezahlten Dividenden. Regelmäßige Dividenden werden an die zum 8. November 2024 registrierten Aktionäre ausgezahlt. Nach dem Einlösedatum sind die Aktien nicht mehr im Umlauf, und alle Rechte der Aktionäre erlöschen. Truist, eine führende US-Kommerzbanka mit Gesamtvermögen von 523 Milliarden USD, operiert in stark wachsenden Märkten und bietet verschiedene Finanzdienstleistungen an.

Positive
  • Strong financial position with $523 billion in total assets
  • Leading market share in high-growth markets
Negative
  • Redemption of preferred shares may impact capital structure

Insights

This preferred stock redemption represents a significant capital structure move by Truist. The bank is redeeming $750 million worth of Series L Depositary Shares at $1,000 per share, indicating a strategic shift in their capital management approach. The timing aligns with the current high interest rate environment, suggesting Truist may be optimizing its capital costs.

The redemption affects 750,000 depositary shares and could signal confidence in Truist's capital position, as they're choosing to reduce their preferred equity. With total assets of $523 billion, this move represents a relatively small but strategic adjustment to their capital structure. The early redemption could potentially lead to reduced dividend payments and lower capital costs, though the immediate impact on common shareholders should be minimal.

CHARLOTTE, N.C., Nov. 1, 2024 /PRNewswire/ -- Truist Financial Corporation (the "Company") today announced that it has submitted a redemption notice to U.S. Bank, National Association (the "Depositary") for the full redemption of all 7,500 issued and outstanding shares of the Company's Perpetual Preferred Stock, Series L (the "Preferred Stock") and all 750,000 issued and outstanding shares of the related depositary shares, each representing a 1/100 th interest in a share of the Preferred Stock (the "Series L Depositary Shares"), on the redemption date of Dec. 16, 2024 (the "Redemption Date").

The Company will redeem the Preferred Stock at a cash redemption price equal to $100,000 per share plus any accrued and unpaid dividends to the Redemption Date (the "Preferred Stock Redemption Price"). The Series L Depositary Shares (CUSIP: 89832QAB5) will be redeemed for cash at a redemption price representing 1/100th of the Preferred Stock Redemption Price, or $1,000 per depositary share plus any accrued and unpaid dividends to the Redemption Date. Regular dividends on the outstanding shares of the Preferred Stock and the Series L Depositary Shares will be paid separately to holders of record as of Nov. 8, 2024, in the customary manner.

Unless the Company defaults in the payment of the Preferred Stock Redemption Price to the Depositary, the Preferred Stock and the Series L Depositary Shares will no longer be outstanding after the Redemption Date and all rights of the holders of the Preferred Stock and the Series L Depositary Shares shall cease and terminate. In addition, regular quarterly dividends for each of the Preferred Stock and Series L Depositary Shares will also be paid on Dec. 16, 2024.

About Truist
Truist Financial Corporation (NYSE: TFC) is a purpose-driven financial services company committed to inspiring and building better lives and communities. As a leading U.S. commercial bank, Truist has leading market share in many of the high-growth markets across the country. Truist offers a wide range of products and services through our wholesale and consumer businesses, including consumer and small business banking, commercial banking, corporate and investment banking, wealth management, payments, and specialized lending businesses. Headquartered in Charlotte, North Carolina, Truist is a top-10 commercial bank with total assets of $523 billion as of Sep. 30, 2024. Truist Bank, Member FDIC. Learn more at Truist.com.

Cision View original content:https://www.prnewswire.com/news-releases/truist-announces-redemption-of-series-l-depositary-shares-302292778.html

SOURCE Truist Financial Corporation

FAQ

When will Truist (TFC) redeem its Series L Depositary Shares?

Truist will redeem its Series L Depositary Shares on December 16, 2024.

What is the redemption price for Truist's (TFC) Series L Depositary Shares?

The redemption price is $1,000 per depositary share plus any accrued and unpaid dividends.

How many Series L Depositary Shares is Truist (TFC) redeeming?

Truist is redeeming all 750,000 issued and outstanding Series L Depositary Shares.

What is the record date for Truist's (TFC) Series L regular dividends?

The record date for regular dividends is November 8, 2024.

Truist Financial Corporation

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Banks - Regional
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United States of America
CHARLOTTE