Summary
Truist Financial Corp (TFC), formerly BB&T Corporation, filed this 8-K on October 26, 2017, to report on a significant debt issuance. The company successfully raised $2.3 billion in aggregate principal amount through the sale of various senior notes. This offering consisted of $1 billion in 2.150% Medium-Term Notes due in 2021, $1 billion in 2.850% Medium-Term Notes due in 2024, and $300 million in floating rate notes also due in 2021. These notes were registered under the Securities Act of 1933, indicating a public offering. The filing also includes legal opinions regarding the validity of these notes, which are important for investors to understand the legal standing of their investment.
Key Highlights
- 1BB&T Corporation (now Truist Financial Corp) issued and sold $2.3 billion in aggregate principal amount of Senior Notes.
- 2The issuance included $1 billion of 2.150% Medium-Term Notes due February 1, 2021 (Three-Year Fixed Rate Notes).
- 3An additional $1 billion of 2.850% Medium-Term Notes due October 26, 2024 (Seven-Year Fixed Rate Notes) was also issued.
- 4A $300 million issuance of Floating Rate Medium-Term Notes due February 1, 2021 (Three-Year Floating Rate Notes) completed the offering.
- 5The Senior Notes were registered under the Securities Act of 1933 via a Form S-3 registration statement.
- 6Legal opinions from Squire Patton Boggs (US) LLP and BB&T's internal General Counsel on the validity of the notes are included as exhibits.
- 7Consents from the legal counsel and internal counsel are also filed as exhibits.