8-KOther EventsExhibits & Filings

FIFTH THIRD BANCORP 8-K Report, Corporate Update (Jan 27, 2023)

Filed January 27, 2023For Securities:FITBFITBOFITBPFITB-PIFITB-PMFITB-PAFITBIFITB-PK

Summary

Fifth Third Bancorp (FITB) announced on January 27, 2023, through its subsidiary Fifth Third Bank, National Association, the redemption of its outstanding Fixed-to-Floating Rate Subordinated Notes due December 1, 2027. These notes, originally issued in November 2017 with a principal amount of $175 million, will be fully redeemed on March 1, 2023. This action signifies the company's intent to retire these specific subordinated debt obligations prior to their maturity. The redemption price will consist of the principal amount plus any accrued and unpaid interest up to the redemption date. Investors holding these notes should be aware that interest will cease to accrue after March 1, 2023, and full payment will be made upon presentation and surrender of the notes.

Key Highlights

  • 1Fifth Third Bancorp is redeeming all outstanding $175 million of its 2017 Fixed-to-Floating Rate Subordinated Notes due December 1, 2027.
  • 2The redemption date is set for March 1, 2023.
  • 3The redemption is being executed by the Company's subsidiary, Fifth Third Bank, National Association.
  • 4The notes are being redeemed prior to their scheduled maturity date of December 1, 2027, utilizing optional redemption provisions.
  • 5The redemption price will include the $175 million principal amount plus accrued and unpaid interest up to the redemption date.
  • 6Interest on these notes will cease to accrue on and after March 1, 2023.

Frequently Asked Questions

The main event is the announcement by Fifth Third Bancorp that its subsidiary will redeem all outstanding Fixed-to-Floating Rate Subordinated Notes due December 1, 2027, on March 1, 2023. This means the company is paying back these notes before their maturity date.

The total principal amount of the 2017 Fixed-to-Floating Rate Subordinated Notes being redeemed is $175 million.

Bondholders will receive their payment on the redemption date, which is March 1, 2023. Payment will be made upon presentation and surrender of the notes to the designated agent.

No, interest on these notes will cease to accrue on and after March 1, 2023. All accrued interest up to, but not including, the redemption date will be paid as part of the redemption price.