Truist Bank announces redemption of senior bank notes due August 2022

Rhea-AI Summary

On June 15, 2022, Truist Bank announced it will redeem all $1 billion of its 2.450% senior bank notes due August 1, 2022. The redemption will occur on July 1, 2022, at 100% of the principal amount plus accrued interest. Payments will be processed through The Depository Trust Company. As of March 31, 2022, Truist Financial Corporation holds total assets of $544 billion, making it a top 10 U.S. commercial bank.

Positive

• Truist is redeeming $1 billion in senior bank notes, improving its financial position.
• This action may strengthen investor confidence by reducing debt obligations.

Negative

• None.

CHARLOTTE, N.C., June 15, 2022 /PRNewswire/ -- Truist Bank today announced it will redeem all $1,000,000,000 principal amount outstanding of its 2.450% senior bank notes due Aug. 1, 2022 (CUSIP 86787EAT4) on the redemption date of July 1, 2022.

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

Payment of the redemption price for the senior bank 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, and 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 redemption date for Truist's senior bank notes?

The redemption date for Truist's senior bank notes is July 1, 2022.

How much principal amount of senior bank notes will be redeemed?

Truist will redeem a total of $1 billion in senior bank notes.

What is the interest rate on the senior bank notes being redeemed?

The interest rate on the senior bank notes is 2.450%.

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

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

What assets did Truist Financial Corporation report as of March 31, 2022?

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