Cincinnati-based Fifth Third Bancorp issued $250 million principal amount of its floating-rate senior notes due June 4, 2021.
The notes will bear an interest rate equal to the three-month LIBOR plus 47 basis points. Interest on the notes will be paid quarterly, on March 4, June 4, Sept. 4 and Dec. 4 of each year, starting Sept. 4.
The net proceeds from the offering, minus underwriting discounts and estimated expenses, are about $249.5 million.
RBC Capital Markets LLC is acting as sole book-running manager for the offering.
