8-KOther EventsExhibits & Filings

FIFTH THIRD BANCORP 8-K Report, Corporate Update (Nov 19, 2021)

Filed November 19, 2021For Securities:FITBFITBOFITBPFITB-PIFITB-PMFITB-PAFITBIFITB-PK

Summary

Fifth Third Bancorp (FITB) has announced the early redemption of its subsidiary, Fifth Third Bank's, Floating Rate Senior Notes due February 1, 2022. The redemption is scheduled for January 3, 2022, and will be made at a price equal to the $300 million principal amount plus any accrued and unpaid interest. This action is being taken pursuant to the '30-day par call' provisions within the notes, allowing for early redemption before the scheduled maturity date. This move indicates proactive debt management by Fifth Third Bancorp. By redeeming these notes early, the company is likely aiming to optimize its capital structure and potentially reduce future interest expenses. Investors should note that the full $300 million principal plus interest will be paid out, with no remaining notes outstanding after the redemption date. The company has provided a press release detailing this announcement as an exhibit to the filing.

Key Highlights

  • 1Fifth Third Bancorp's subsidiary, Fifth Third Bank, will redeem all outstanding Floating Rate Senior Notes due February 1, 2022, on January 3, 2022.
  • 2The redemption amount will be the $300 million principal plus accrued and unpaid interest.
  • 3The redemption is exercised under the '30-day par call' provision, allowing for early termination before maturity.
  • 4Following the redemption, no Floating Rate Senior Notes due February 1, 2022, will remain outstanding.
  • 5The company is proactively managing its debt obligations and capital structure.
  • 6A press release announcing the redemption notice is incorporated as an exhibit to the filing.

Frequently Asked Questions

Fifth Third Bank is redeeming its outstanding Floating Rate Senior Notes due February 1, 2022, on January 3, 2022.

The redemption will cover the $300 million principal amount of the notes, plus any interest accrued and unpaid up to, but not including, the redemption date.

The redemption is being executed under the '30-day par call' provisions of the notes, allowing the company to retire the debt before its scheduled maturity date, likely as part of its debt management strategy.

Upon completion of the redemption, all $300 million of these specific Floating Rate Senior Notes will be retired, meaning none will remain outstanding. This will reduce the company's outstanding debt by this amount.