8-KOther EventsExhibits & Filings

FIFTH THIRD BANCORP 8-K Report, Corporate Update (Sep 6, 2024)

Filed September 6, 2024For Securities:FITBFITBOFITBPFITB-PIFITB-PMFITB-PAFITBIFITB-PK

Summary

Fifth Third Bancorp (FITB) announced on September 6, 2024, the successful completion of a Senior Notes Offering, raising approximately $750 million in principal amount. These notes carry a fixed rate of 4.895% initially, with the potential to convert to a floating rate, and are due in 2030. The net proceeds to the company, after underwriting discounts and estimated expenses, are approximately $745.86 million. This offering was conducted under a previously filed automatic shelf registration statement on Form S-3. The issuance of these senior notes is a strategic move to manage the company's capital structure and funding. Investors should note that the detailed terms, representations, warranties, and conditions are outlined in the Underwriting Agreement, Supplemental Indenture, and Global Securities, which are incorporated by reference in the filing.

Key Highlights

  • 1Fifth Third Bancorp (FITB) issued $750 million in 4.895% Fixed Rate/Floating Rate Senior Notes due 2030.
  • 2The offering closed on September 6, 2024.
  • 3Net proceeds from the offering are approximately $745.86 million.
  • 4The notes are senior debt securities.
  • 5The issuance was registered under a Form S-3 shelf registration statement filed in March 2022.
  • 6The filing includes the Underwriting Agreement and a Seventeenth Supplemental Indenture.
  • 7The notes have a coupon rate of 4.895% with a potential for floating rate conversion.

Frequently Asked Questions

This 8-K filing announces the completion of Fifth Third Bancorp's offering of $750 million in senior notes due 2030 and provides details regarding the transaction, including the underwriting agreement and supplemental indenture.

Fifth Third Bancorp raised approximately $745.86 million in net proceeds from the sale of $750 million in principal amount of its senior notes.

The senior notes are due in 2030 and carry an initial fixed interest rate of 4.895%. They are designated as 'Fixed Rate/Floating Rate,' suggesting they may convert to a floating rate under certain conditions.

The senior notes were registered under Fifth Third Bancorp's automatic shelf registration statement on Form S-3 (SEC File No. 333-263894), which was initially filed on March 28, 2022.