Fifth Third Bancorp Secures 60% and 94% Early Tender in $1.55B Note Exchanges
FITB•By May 21, 60.10% of Fifth Third’s 4.000% FTFC notes due 2029 ($330.54M) and 93.73% of its 5.982% notes due 2030 ($937.25M) were validly tendered, securing required consents to amend the indentures. Eligible holders will receive each $1,000 tendered principal in new Fifth Third notes plus $1.00 cash on settlement.
1. Exchange Offer Results
As of the early tender deadline on May 21, holders tendered $330.541 million (60.10%) of the 4.000% senior notes due February 1, 2029 and $937.253 million (93.73%) of the 5.982% fixed-to-floating notes due January 30, 2030, meeting the required consent threshold for both series.
2. Indenture Amendments and Settlement
With the requisite consents secured, Fifth Third Bancorp and the trustee will execute a supplemental indenture to implement proposed amendments to the governing indentures. This supplemental indenture will become effective on the final settlement date, expected within two business days after the June 8 expiration.
3. Exchange Consideration Terms
Eligible holders validly tendering by the early deadline will receive, for each $1,000 principal of existing notes, $1,000 principal of new Fifth Third notes plus $1.00 in cash. Holders tendering after May 21 but before June 8 will receive $970 principal of new notes per $1,000 existing principal.
