SunTrust Banks (STI) Sells 108M Shares at $13
SunTrust Banks, Inc. (NYSE: STI) priced a $1.4 billion offering of 108 million shares of its common stock at $13.00 per share.
Shares of SunTrust closed at $13.80 yesterday.
The equity raise will help SunTrust meet its $2.2 billion additional capital buffer under the government's stress test.
SunTrust will also offer to purchase up to $1 billion liquidation preference or amount of certain of its currently outstanding preferred and hybrid securities for cash using proceeds from the Equity Offering.
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