Summary
On March 21, 2017, BB&T Corporation (now Truist Financial Corp.) filed an 8-K report to disclose the issuance and sale of senior notes totaling $1.35 billion. This debt offering consisted of $1 billion in 2.750% Fixed Rate Medium-Term Notes, Series E, due April 1, 2022, and $350 million in Floating Rate Medium-Term Notes, Series E, also due April 1, 2022. The issuance was conducted under a previously filed registration statement on Form S-3. The filing also includes legal opinions from Squire Patton Boggs (US) LLP and BB&T's Senior Executive Vice President, General Counsel, Secretary and Chief Corporate Governance Officer, confirming the validity of the notes. This action indicates BB&T's strategy to bolster its capital structure through debt financing.
Key Highlights
- 1BB&T Corporation issued $1.35 billion in senior notes on March 21, 2017.
- 2The issuance comprises $1 billion in fixed-rate notes with a 2.750% coupon, maturing April 1, 2022.
- 3An additional $350 million in floating-rate notes, maturing April 1, 2022, were also issued.
- 4The notes were registered under a Form S-3 registration statement previously filed with the SEC.
- 5Legal opinions from external counsel and internal general counsel were provided to validate the notes.
- 6This event signifies a capital-raising activity by BB&T Corporation through the debt markets.