Truist Bank announces redemption of senior bank notes due August 2024

Rhea-AI Summary

Truist Bank to redeem $500 million of its 3.689% fixed-to-floating rate senior bank notes due Aug. 2, 2024.

Positive

• Truist Bank will redeem all $500 million principal amount outstanding of its senior bank notes.
• The redemption price will be equal to 100% of the principal amount plus accrued and unpaid interest.
• Interest on the senior bank notes will cease to accrue after the redemption date.

Negative

• None.

CHARLOTTE, N.C., July 17, 2023 /PRNewswire/ -- Truist Bank (NYSE: TFC) today announced it will redeem all $500,000,000 principal amount outstanding of its 3.689% fixed-to-floating rate senior bank notes due Aug. 2, 2024 (CUSIP 86787EAY3) on the redemption date of Aug. 2, 2023.

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 products and services through our retail and small business banking, commercial banking, corporate and investment banking, insurance, wealth management, and specialized lending businesses. Headquartered in Charlotte, North Carolina, Truist is a top 10 U.S. commercial bank with total assets of $574 billion as of March 31, 2023. Truist Bank, Member FDIC. Learn more at Truist.com.

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SOURCE Truist Financial Corporation

FAQ

What is Truist Bank redeeming?

Truist Bank is redeeming $500 million of its 3.689% fixed-to-floating rate senior bank notes.

When is the redemption date?

The redemption date is Aug. 2, 2023.

What will be the redemption price?

The redemption price will be equal to 100% of the principal amount plus accrued and unpaid interest.

Will interest continue to accrue after the redemption date?

No, interest on the senior bank notes will cease to accrue after the redemption date.

How will the payment be made?

Payment of the redemption price will be made through the facilities of The Depository Trust Company.