ATLANTA, June 8, 2012 /PRNewswire/ -- SunTrust Banks, Inc. (NYSE: STI) announced today that it will redeem in whole at par certain trust preferred securities including all of the outstanding:
(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.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
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
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV