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SunTrust Banks issues $1.0B in senior notes

SunTrust Banks Inc. disclosed in its Form 10-Q filed Aug. 4 that it issued $1.0 billion of five-year senior notes that pay a fixed annual coupon rate of 2.45% under its global bank note program.

The notes, which mature Aug. 1, 2022, may be called beginning July 1, 2022. The issuance allows the company to add to its funding sources at a favorable borrowing rate and pay down maturing SunTrust Bank borrowings.

The company also reported that it finalized a $197 million purchase price for its acquisition of Pillar Financial LLC after reaching a settlement during the second quarter related to working capital adjustments.