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Fifth Third issues $1.55B in senior debt

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Fifth Third issues $1.55B in senior debt

Fifth Third Bancorp issued $1.55 billion in aggregate principal amount of unsecured senior bank notes, according to the bank's Form 10-Q filed Aug. 8.

The offering took place July 26. The notes consisted of $500 million of 3.35% senior fixed-rate notes, with a maturity of three years, due July 26, 2021; $300 million of senior floating-rate notes at three-month London Interbank Offered Rate plus 44 basis points, with a maturity of three years, due July 26, 2021; and $750 million of 3.95% senior fixed-rate notes, with a maturity of seven years, due July 28, 2025.

The bank also entered into interest rate swaps to convert the fixed-rate notes due in 2021 and 2025 to floating-rate, which resulted in effective interest rates of one-month LIBOR plus 53 basis points and one-month LIBOR plus 104 basis points, respectively.