Search the web
Welcome, Guest
[Sign Out, My Account]
EDGAR_Online

Quotes & Info
Enter Symbol(s):
e.g. YHOO, ^DJI
Symbol Lookup | Financial Search
FITB > SEC Filings for FITB > Form 8-K on 21-Jul-2014All Recent SEC Filings

Show all filings for FIFTH THIRD BANCORP

Form 8-K for FIFTH THIRD BANCORP


21-Jul-2014

Creation of a Direct Financial Obligation or an Obligation under an Off-Balan


Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant

On July 21, 2014, Fifth Third Bancorp ("Fifth Third") entered into a share repurchase agreement with Morgan Stanley & Co. LLC ("MSCO") pursuant to which Fifth Third will purchase approximately $225 million of its outstanding common stock. Fifth Third is repurchasing the shares of its common stock as part of its 100 million share repurchase program previously announced on March 18, 2014.

Under the Master Confirmation, supplemented by a Supplemental Confirmation (together, the "Repurchase Agreement") between Fifth Third and MSCO, Fifth Third will pay $225 million to MSCO on July 24, 2014 and expects to receive a substantial majority of the shares underlying the Repurchase Agreement by July 24, 2014. The actual number of shares of Fifth Third common stock to be delivered by MSCO will be based generally on a discount to the average daily volume-weighted average prices of Fifth Third's common stock during the term of the Repurchase Agreement. At settlement, MSCO may be obligated to deliver additional shares of Fifth Third's common stock to Fifth Third, or Fifth Third may be obligated to make a delivery of common stock or a payment of cash to MSCO at Fifth Third's election. Fifth Third expects the settlement of the transaction to occur on or before October 24, 2014.

The Repurchase Agreement is subject to certain customary adjustments and termination provisions. In addition, upon the occurrence of certain extraordinary events, MSCO is entitled to terminate the Repurchase Agreement, in which case Fifth Third may receive fewer shares of its common stock than expected.

The foregoing description of the Repurchase Agreement is a summary and is qualified in its entirety by the terms of the Repurchase Agreement, a copy of which will be filed as an exhibit to Fifth Third's Form 10-Q for the quarter ending September 30, 2014.

MSCO and certain of its affiliates have performed, and in the future may perform, various financial advisory and other services for Fifth Third and Fifth Third's affiliates for which they have received, and may in the future receive, customary fees and expenses.


  Add FITB to Portfolio     Set Alert         Email to a Friend  
Get SEC Filings for Another Symbol: Symbol Lookup
Quotes & Info for FITB - All Recent SEC Filings
Copyright © 2014 Yahoo! Inc. All rights reserved. Privacy Policy - Terms of Service
SEC Filing data and information provided by EDGAR Online, Inc. (1-800-416-6651). All information provided "as is" for informational purposes only, not intended for trading purposes or advice. Neither Yahoo! nor any of independent providers is liable for any informational errors, incompleteness, or delays, or for any actions taken in reliance on information contained herein. By accessing the Yahoo! site, you agree not to redistribute the information found therein.