Truist Financial issues senior notes due 2028

Charlotte, N.C.-based Truist Financial Corp. on June 6 issued and sold $850 million aggregate principal amount of its 4.123% series G fixed- to floating-rate medium-term senior notes.

The notes will mature June 6, 2028.

From and including the original issue date to but excluding June 6, 2027, the notes will bear interest at a fixed rate of 4.123% per annum. The interest will be paid semiannually in arrears on June 6 and Dec. 6 of each year, starting Dec. 6, 2022.

From and including June 6, 2027, to but excluding the maturity date, the notes will bear interest at an annual floating rate equal to the secured overnight financing rate, compounded daily over a quarterly interest period in accordance with the formula described in a pricing supplement filed by the company, plus a spread of 136.8 basis points. The interest will be paid quarterly in arrears on March 6, June 6, Sept. 6 and Dec. 6, starting Sept. 6, 2027.

Truist Financial plans to use the net proceeds from the offering for general corporate purposes, which may include acquiring other companies, repurchasing outstanding shares of its common stock, repaying maturing obligations and refinancing of outstanding debt, and extending credit to or funding investments in its subsidiaries.

In the pricing supplement, the company listed Truist Securities Inc., Goldman Sachs & Co. LLC and RBC Capital Markets LLC as joint bookrunning managers for the offering. Academy Securities Inc., Drexel Hamilton LLC and Mischler Financial Group Inc. were listed as co-managers.