Summary
BB&T Corporation (now Truist Financial Corp.) filed an 8-K on May 4, 2009, to announce the establishment of its Medium-Term Note Program. This program allows the company to issue both senior and subordinated notes. As part of this program, BB&T successfully issued $400 million in 5.70% Senior Notes due 2014 and $400 million in 6.85% Senior Notes due 2019. These issuances represent a significant move by BB&T to secure long-term funding, totaling $800 million. The establishment of this program and the subsequent note issuances occurred during a period of financial market stress, indicating the company's proactive approach to managing its liquidity and capital structure. The notes are registered under a previously filed Form S-3 registration statement.
Key Highlights
- 1BB&T Corporation established a Medium-Term Note Program to issue senior and subordinated notes.
- 2The company issued $400 million in 5.70% Senior Notes due 2014.
- 3The company issued $400 million in 6.85% Senior Notes due 2019.
- 4Total aggregate principal amount issued across both tranches is $800 million.
- 5The issuances were made under the existing Form S-3 registration statement.
- 6The program includes the ability to issue both Series A (Senior) and Series B (Subordinated) Notes.
- 7The notes are not guaranteed by the FDIC's Temporary Liquidity Guarantee Program.