(i) SunTrust Capital VIII 6.100% Trust Preferred Securities issued December 6, 2006, due December 15, 2036, CUSIP 86800YAA4 (the "6.100% Trups"), which will be redeemed July 11, 2012; and (ii) SunTrust Capital IX 7.875% Trust Preferred Securities issued March 4, 2008, due March 15, 2068, CUSIP 867885105 (the "7.875% Trups", together with the 6.100% Trups, the "Securities"), which will be redeemed July 11, 2012.The aggregate principal amount of the Securities outstanding is approximately $1,187,829,000. Each security holder will receive the par value of the security plus an accrued, but unpaid, interest to the redemption date. The paying agent is U.S. Bank National Association and the Customer Service contact phone number is 1-800-934-6802. The complete terms and conditions of the redemption are as set forth in SunTrust's notice to holders of the Securities. Under the terms of the indentures related to the Securities, both Securities contain a redemption option that could be exercised by SunTrust Banks, Inc. at any time within ninety (90) days following the occurrence of a Capital Treatment Event (as such term is defined in each related indenture). On June 7, 2012, the Board of Governors of the Federal Reserve approved in a public meeting a notice of proposed rulemaking, as required under the Dodd-Frank Wall Street Reform and Consumer Protection Act, which will eliminate the ability of SunTrust to treat the aggregate liquidation amount of the Securities as Tier 1 capital. Consequently, SunTrust has determined that such regulations constitute a Capital Treatment Event for purposes of the indentures and is calling the Securities pursuant to its option to do so under the terms of each indenture. This press release is for informational purposes only and shall not constitute an offer to sell or the solicitation of an offer to buy any security.
SunTrust Announces Redemption Of Certain Trust Preferred Securities
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts
Every recommendation goes through 3 layers of intense scrutinyquantitative, fundamental and technical analysisto maximize profit potential and minimize risk.
More than 30 investing pros with skin in the game give you actionable insight and investment ideas.