Summary
Truist Financial Corporation (TFC) filed an 8-K on August 3, 2020, detailing significant capital-raising activities. The company finalized amendments to its Articles of Incorporation on July 31, 2020, to define the terms of its Series R Non-Cumulative Perpetual Preferred Stock. This action paved the way for the successful sale of 37,000,000 depositary shares, representing ownership in this preferred stock, on August 3, 2020. In addition to the preferred stock offering, Truist also issued and sold $750 million aggregate principal amount of its 1.125% Medium-Term Notes, Series G, due August 3, 2027. Both the depositary shares and the medium-term notes were registered under the Securities Act of 1933. These transactions indicate a strategic move by TFC to bolster its capital base and potentially fund ongoing operations or strategic initiatives.
Key Highlights
- 1Truist Financial Corporation (TFC) amended its Articles of Incorporation to define terms for Series R Non-Cumulative Perpetual Preferred Stock.
- 2The company successfully sold 37,000,000 depositary shares representing ownership of Series R Preferred Stock.
- 3Truist also issued and sold $750 million aggregate principal amount of 1.125% Medium-Term Notes, Series G, due 2027.
- 4Both the depositary shares and the medium-term notes were registered under the Securities Act of 1933.
- 5The transactions occurred on or around July 30 - August 3, 2020, indicating recent capital-raising efforts.
- 6The filing includes various supporting documents such as the Underwriting Agreement, Deposit Agreement, and legal opinions.