Fifth Third Bancorp Announces Redemption of Senior Bank Notes Due July 26, 2021

Strategic Insights -

Fifth Third Bancorp, a diversified financial services company headquartered in Cincinnati, Ohio, has announced that its subsidiary, Fifth Third Bank, National Association, will redeem two types of senior bank notes due July 26, 2021. The redemption notice was submitted to the issuing and paying agent on April 30, 2021, and the notes will be redeemed on June 28, 2021. The two types of notes are the 3.350% fixed rate senior notes, issued in the principal amount of $500 million, and the floating rate senior notes, issued in the principal amount of $300 million. The redemption price will be 100% of the principal amount plus accrued and unpaid interest to, but excluding, the redemption date.

Key Takeaways:

  • Fifth Third Bancorp's subsidiary, Fifth Third Bank, National Association, will redeem two types of senior bank notes due July 26, 2021, following a redemption notice submitted to the issuing and paying agent.
  • The two types of notes are the 3.350% fixed rate senior notes, issued in the principal amount of $500 million, and the floating rate senior notes, issued in the principal amount of $300 million.
  • The redemption price will be 100% of the principal amount plus accrued and unpaid interest to, but excluding, the redemption date.
  • The notes will be redeemed on June 28, 2021, in accordance with their terms and conditions.
  • The redemption notice was submitted on April 30, 2021, and a press release announcing the notice of redemption has been attached to the Current Report on Form 8-K.
  • Fifth Third Bancorp is a diversified financial services company with $207 billion in assets as of March 31, 2021, and operates four main businesses: Commercial Banking, Branch Banking, Consumer Lending, and Wealth & Asset Management.
  • The company provides its customers with access to approximately 53,000 fee-free ATMs across the United States and has $464 billion in assets under care, of which it manages $58 billion for individuals, corporations, and not-for-profit organizations.

Statistics:

  • $500 million principal amount of 3.350% fixed rate senior notes to be redeemed.
  • $300 million principal amount of floating rate senior notes to be redeemed.
  • The redemption price will be 100% of the principal amount plus accrued and unpaid interest to, but excluding, the redemption date.
  • The notes will be redeemed on June 28, 2021.
  • As of March 31, 2021, Fifth Third Bancorp had $207 billion in assets.
  • The company has $464 billion in assets under care, of which it manages $58 billion for individuals, corporations, and not-for-profit organizations.

Sources:

  • Fifth Third Bancorp, Current Report on Form 8-K, dated April 30, 2021.
  • Fifth Third Bancorp, Press Release, dated April 30, 2021.
  • Cybernet Data Systems, Inc., News Article, dated April 29, 2021.