Truist Bank Announces Redemption of Senior Notes due May 2022

Rhea-AI Summary

Truist Bank, located in Charlotte, N.C., is set to redeem $1.35 billion of its 2.800% senior notes and $650 million of its floating rate senior notes on April 17, 2022. The redemption price will be 100% of the principal amount plus accrued interest. Payments will be made the next business day, April 18, 2022, due to the redemption date falling on a weekend. With over $541 billion in total assets as of December 31, 2021, Truist remains a top 10 U.S. commercial bank, offering a wide range of financial services.

Positive

• Redemption of $1.35 billion in 2.800% senior notes enhances balance sheet liquidity.
• Redemption of $650 million in floating rate senior notes reduces interest expense.

Negative

• None.

CHARLOTTE, N.C., March 31, 2022 /PRNewswire/ -- Truist Bank today announced it will redeem on April 17, 2022, all $1,350,000,000 principal amount outstanding of its 2.800% senior notes due May 17, 2022 (CUSIP 86787EBE6) and all $650,000,000 principal amount outstanding of its floating rate senior notes due May 17, 2022 (CUSIP 86787EBD8) (collectively, the "senior notes.")

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 of April 17, 2022. Interest on the senior notes will cease to accrue on and after the redemption date.

As the redemption date occurs on a weekend, payment of the redemption price for the senior notes will be made the next business day, April 18, 2022, 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 a historic merger of equals, 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 $541 billion as of December 31, 2021. Truist Bank, Member FDIC. Learn more at Truist.com.

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SOURCE Truist Financial Corporation

FAQ

What is the redemption date for TFC's senior notes?

Truist Bank will redeem its senior notes on April 17, 2022.

How much is Truist Bank redeeming in senior notes?

Truist Bank is redeeming $1.35 billion of 2.800% senior notes and $650 million of floating rate senior notes.

When will the redemption price be paid for the senior notes?

The redemption price will be paid on April 18, 2022, the next business day.

What is the total asset value of Truist Financial Corporation?

As of December 31, 2021, Truist Financial Corporation has total assets of $541 billion.