Truist Bank Announces Redemption of Senior Notes due April 2021

Rhea-AI Summary

Truist Bank has announced the redemption of all $700,000,000 in principal of its 2.85% Senior Notes, due April 1, 2021, effective on the redemption date of March 1, 2021. The redemption price will be 100% of the principal amount plus accrued interest until the redemption date. Interest will cease to accrue post-redemption. U.S. Bank National Association will act as the paying agent for the notes. Truist Financial Corporation, headquartered in Charlotte, NC, is the sixth-largest commercial bank in the U.S. with total assets of $509 billion as of December 31, 2020.

Positive

• Redemption of $700 million in Senior Notes improves balance sheet liquidity.
• Interest ceases after March 1, 2021, reducing future interest expenses.

Negative

• None.

CHARLOTTE, N.C., Feb. 17, 2021 /PRNewswire/ -- Truist Bank today announced it will redeem all $700,000,000 principal amount outstanding of its 2.85% Senior Notes due April 1, 2021 (CUSIP 07330NAJ4) on the redemption date of March 1, 2021.

The redemption price for the notes will be equal to 100% of the principal amount of the notes, plus accrued and unpaid interest thereon to, but excluding, the redemption date.  Interest on the 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. U.S. Bank National Association is the paying agent for the notes.

About Truist
Truist Financial Corporation (NYSE: TFC) is a purpose-driven financial services company committed to inspire and build better lives and communities. With the combined history 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 the sixth-largest commercial bank in the U.S. with total assets of $509 billion as of December 31, 2020. Truist Bank, Member FDIC. Learn more at Truist.com.

 

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SOURCE Truist Financial Corporation

FAQ

What is the redemption amount of Truist's Senior Notes due April 2021?

Truist Bank will redeem $700,000,000 in principal amount of its 2.85% Senior Notes.

When will Truist redeem its Senior Notes?

The redemption date for Truist's Senior Notes is March 1, 2021.

What will be the redemption price for Truist's Senior Notes?

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

Who is the paying agent for Truist's Senior Notes?

U.S. Bank National Association is the paying agent for the Senior Notes.

What is the total asset value of Truist Financial Corporation?

As of December 31, 2020, Truist Financial Corporation had total assets of $509 billion.