Loan & DebtMay 22, 2026, 08:37 AM
Fifth Third Bancorp Announces Early Tender Results for $1.55B Exchange Offers
AI Summary
Fifth Third Bancorp announced the early tender results for its previously announced exchange offers and consent solicitations for outstanding notes originally issued by Comerica Incorporated and assumed by Fifth Third Financial Corporation (FTFC). As of May 21, 2026, the company received valid tenders for 60.10% of the 4.000% Senior Notes due 2029 and 93.73% of the 5.982% Fixed-To-Floating Rate Senior Notes due 2030. FTFC also received the necessary consents to amend the indenture governing the existing notes, with supplemental indentures expected to be executed on the final settlement date.
Key Highlights
- Fifth Third Bancorp announced early tender results for exchange offers involving up to $1,550,000,000 aggregate principal amount of new notes.
- 60.10% ($330,541,000) of 4.000% Senior Notes due 2029 were validly tendered.
- 93.73% ($937,253,000) of 5.982% Fixed-To-Floating Rate Senior Notes due 2030 were validly tendered.
- Requisite consents were received to adopt proposed amendments to the indenture for both series of existing notes.
- Supplemental indentures are expected to be executed on the final settlement date.
- Eligible holders tendering by the Early Tender Date received $1,000 principal amount of new notes and $1.00 in cash.
- The Exchange Offers and Consent Solicitations will expire on June 8, 2026.
Price Impact
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