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Fifth Third issues $250M in senior notes

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.