8-KOther EventsExhibits & Filings

FIFTH THIRD BANCORP 8-K Report, Corporate Update (Jul 7, 2021)

Filed July 7, 2021For Securities:FITBFITBOFITBPFITB-PIFITB-PMFITB-PAFITBIFITB-PK

Summary

Fifth Third Bancorp (FITB) announced on July 7, 2021, through its subsidiary Fifth Third Bank, National Association, the redemption of its outstanding 2.875% Senior Notes due October 1, 2021. The principal amount of these notes is $850 million. The redemption is scheduled for September 1, 2021, and will occur at a price calculated according to the note's terms, which includes the principal amount plus any accrued and unpaid interest. This redemption is being executed prior to the scheduled maturity date of October 1, 2021, utilizing the 30-day par call provision. The action signifies the complete retirement of these specific senior notes from the Bank's balance sheet. Investors holding these notes should be aware of the redemption date and the process for presenting their notes for payment to receive the redemption price and accrued interest.

Key Highlights

  • 1Fifth Third Bancorp is redeeming its 2.875% Senior Notes due October 1, 2021.
  • 2The total principal amount of the notes being redeemed is $850 million.
  • 3The redemption date is set for September 1, 2021.
  • 4The redemption price will be par plus accrued and unpaid interest.
  • 5The notes are being redeemed early, prior to their October 1, 2021 maturity date.
  • 6The early redemption is being exercised under the 30-day par call provision.
  • 7Upon redemption, no outstanding 2014 Fixed Rate Bank Notes will remain.

Frequently Asked Questions

Fifth Third Bancorp is exercising the 30-day par call provision in the notes. This allows the company to redeem the debt before its maturity date, likely to optimize its capital structure, reduce interest expenses, or take advantage of favorable market conditions.

Investors will receive the principal amount of $850 million in total, plus any interest that has accrued and is unpaid up to the redemption date of September 1, 2021. The exact price for an individual note will be calculated according to the terms specified in the original 2014 Fixed Rate Bank Notes.

Noteholders must present and surrender their 2014 Fixed Rate Bank Notes to the issuing and paying agent (Bank of New York Mellon Trust Company, N.A.) to receive the redemption payment and accrued interest.

Interest on the 2014 Fixed Rate Bank Notes called for redemption will cease to accrue on and after the Redemption Date, which is September 1, 2021.