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Fifth Third Bancorp (Cincinnati, OH) | 7.25% Trust Preferred Securities (FTB.PRB.CL)

This preferred is marked as having been called.
Prospectus excerpt:  Fifth Third Capital Trust VI, a Delaware statutory trust, which we refer to as the ˘Trust,÷ will issue the Trust Preferred Securities. Each Trust Preferred Security represents an undivided beneficial interest in the Trust. The only assets of the Trust will be the 7.25% Junior Subordinated Notes due 2067 issued by Fifth Third Bancorp, which we refer to as the ˘JSNs.÷ The Trust will pay distributions on the Trust Preferred Securities only from the proceeds, if any, of interest payments on the JSNs.

The JSNs will bear interest on their principal amount from the date they are issued until their repayment or earlier redemption at the annual rate of (i) 7.25% from and including October 30, 2007 to but excluding November 15, 2057 and (ii) three-month LIBOR plus 3.03% thereafter. Fifth Third will pay interest quarterly in arrears on February 15, May 15, August 15 and November 15 of each year, beginning on February 15, 2008. Fifth Third has the right, on one or more occasions, to defer the payment of interest on the JSNs for one or more consecutive interest periods that do not exceed five years or, if earlier, until the first interest payment date on which it pays current interest without being subject to its obligations under the alternative payment mechanism described in this prospectus supplement and for one or more consecutive interest periods that do not exceed 10 years without giving rise to an event of default. In the event of Fifth ThirdĂs bankruptcy, holders of the JSNs will have a limited claim for deferred interest.

At Fifth ThirdĂs option, the Trust Preferred Securities may be redeemed (i) at 100% of their liquidation amount on or after November 15, 2012 or after the occurrence of a ˘tax event,÷ ˘capital treatment event,÷ or ˘investment company event,÷ as described herein, or (ii) at a make-whole redemption price after the occurrence of a ˘rating agency event,÷ as described herein, in each case plus accrued and unpaid distributions through the date of redemption.

The JSNs will mature on November 15, 2067.

The JSNs will be subordinated upon Fifth ThirdĂs liquidation to all of its existing and future senior debt other than trade accounts payable and any debt that by its terms does not rank senior to the JSNs upon Fifth ThirdĂs liquidation, but will rank equally upon Fifth ThirdĂs liquidation with its 6.50% Junior Subordinated Notes due 2067 held by Fifth Third Capital Trust IV, Fifth ThirdĂs guarantee of the trust preferred securities issued by Fifth Third Capital Trust IV, its 7.25% Junior Subordinated Notes due 2067 held by Fifth Third Capital Trust V and Fifth ThirdĂs guarantee of the trust preferred securities issued by Fifth Third Capital Trust V, and will be effectively subordinated to all liabilities of its subsidiaries. As a result, the Trust Preferred Securities also will be effectively subordinated to the same debt and liabilities. Fifth Third will guarantee the Trust Preferred Securities on a subordinated basis to the extent described in this prospectus supplement.

Full Prospectus PDF », FITB Page »

Alternate symbology:FTB-B.CL, FTB-PB.CL, FTBprB.CL
Redeemable?:Yes
Call Date:11/15/2012 (Now Trading Post Call Date)
Maturity Date:11/15/2067
Cumulative?:Yes
Shares Offered:30,000,000
Overallotment:4,500,000
Liquidation Preference:$25
Original Coupon:7.25%
Pay Period:Quarterly
Pay Dates:15-Feb, 15-May, 15-Aug, 15-Nov
CDx3 Compliance Rating: Learn FTB.PRB.CL's Rating
Fifth Third Bancorp is a bank holding company. Through its subsidiaries, Co. provides financial products and services to the commercial, financial, retail, governmental, educational, energy and healthcare sectors. Co.'s segments are: Commercial Banking, which provides credit intermediation, cash management and financial services; Branch Banking, which provides a range of deposit and loan products to individuals and small businesses; Consumer Lending, which includes Co.'s residential mortgage, automobile and other indirect lending activities; and Wealth and Asset Management, which provides a range of investment alternatives for individuals, companies and not-for-profit organizations.

Preferreds: FITBP, FTB.PRB.CL


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Name: 
Fifth Third Bancorp (Cincinnati, OH)
Website: 
www.53.com
Sector: 
Banking & Savings
Number of ETFs Holding FITB: 
110 (see which ones)
Total Market Value Held by ETFs: 
$4,282,192,887.13
Total Market Capitalization: 
$24,366,000,000
% of Market Cap. Held by ETFs: 
17.57%

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