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| STI > SEC Filings for STI > Form 8-K on 17-Dec-2008 | All Recent SEC Filings |
17-Dec-2008
Creation of a Direct Financial Obligation or an Obligation under an Off-Balanc
On December 16, 2008, SunTrust Bank, our principal banking subsidiary, issued USD $2.25 billion in aggregate principal amount of 3.000% Senior Fixed Rate Bank Notes due 2011 (the "Fixed Rate Notes") and USD $750 million in aggregate principal amount of Senior Floating Rate Bank Notes due 2010 (the "Floating Rate Notes"; together with the Fixed Rate Notes, the "Notes"), which Notes were guaranteed by the Federal Deposit Insurance Corporation (the "FDIC") in accordance with the FDIC's Temporary Liquidity Guarantee Program established pursuant to 12 C.F.R. Part 370. SunTrust Bank pays interest on the Floating Rate Notes at the rate of 3-month U.S. dollar LIBOR plus 65 basis points. The Fixed Rate Notes were issued to purchasers at a price of 99.697%, resulting in proceeds to SunTrust Bank, after dealer discount, of $2,237,557,500. The Floating Rate Notes were issued to purchasers at a price of 100%, resulting in proceeds to SunTrust Bank, after dealer discount, of USD $748,500,000. The Notes are not redeemable by SunTrust Bank (except in certain limited events) or subject to repayment at the option of the holder prior to maturity.
The Notes were issued as part of the program established November 8, 2000 and amended on November 21, 2006 and November 20, 2007 under which SunTrust Bank may offer up to USD $40 billion in senior and subordinated unsecured debt obligations. With the issuance of the Fixed Rate Notes, the cumulative balance of notes outstanding under the program is approximately $9,892,820,000.
Copies of the Amended and Restated Distribution Agreement and the Amended and Restated Global Agency Agreement relating to this program, under which the Notes were issued, are filed as Exhibit 99.1 and Exhibit 99.2, respectively, to this Current Report on Form 8-K, and are incorporated into this Item 2.03 by reference. The Registrant disclaims any inference regarding the materiality of such information which otherwise may arise as a result of its filing such information under Item 2.03 of this report on Form 8-K.
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