Fifth Third Bancorp Announces Transition of U.S. Dollar LIBOR-Linked Securities to Term SOFR Replacement Rate

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[{"type":"text","content":" CINCINNATI--(BUSINESS WIRE)--\nFifth Third Bancorp (Nasdaq: FITB) announced today that, after June 30, 2023, 3-month CME Term SOFR, as administered by CME Group Benchmark Administration, Ltd. (or any successor administrator) plus a tenor spread adjustment of 0.26161% (“SOFR Rate”), will be the replacement reference rate for certain outstanding floating rate or fixed-to-floating rate preferred stock represented by depositary shares, capital trust securities, and preferred stock issued by Fifth Third Bancorp, First Charter Capital Trust I and First Charter Capital Trust II that use 3-month U.S. dollar LIBOR (“USD LIBOR”) as the reference rate and are governed by U.S. law (the “LIBOR Securities”):\n\n\n\n\n\n\n \n\n\n\nCUSIP\n\n\n\n\n\n\nSecurity\n\n\n\n\n\n\nDate SOFR Rate dividends/interest begins to accrue*\n\n\n\n\n\n\nFirst payment date of SOFR Rate dividends/interest\n\n\n\n\n\n\n\n\n316773CM0\n\n\n\n\n\n\nDepositary Shares Representing a 1/25th Ownership Interest in a Share of 5.10% Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series H\n\n\n\n\n\n\nSeptember 30, 2023\n\n\n\n\n\n\nDecember 31, 2023\n\n\n\n\n\n\n\n\n316773605\n\n\n\n\n\n\nDepositary Shares Representing a 1/1000th Ownership Interest in a Share of 6.625% Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series I\n\n\n\n\n\n\nDecember 31, 2023\n\n\n\n\n\n\nMarch 31, 2024\n\n\n\n\n\n\n\n\n316773CR9\n\n\n\n\n\n\nDepositary Shares Representing a 1/25th Ownership Interest in a Share of Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series J\n\n\n\n\n\n\nSeptember 30, 2023\n\n\n\n\n\n\nDecember 31, 2023\n\n\n\n\n\n\n\n\n319439AA3\n\n\n\n\n\n\nFloating Rate Capital Securities of First Charter Capital Trust I\n\n\n\n\n\n\nSeptember 15, 2023\n\n\n\n\n\n\nDecember 15, 2023\n\n\n\n\n\n\n\n\n319437AA7\n\n\n\n\n\n\nFloating Rate Capital Securities of First Charter Capital Trust II\n\n\n\n\n\n\nSeptember 15, 2023\n\n\n\n\n\n\nDecember 15, 2023\n\n\n\n\n\n\n\n\n* Using the SOFR Rate in effect two business days prior\n\n\n\n\n\n\n\n\n\n\n\n \n\n\nOn March 5, 2021, the United Kingdom’s Financial Conduct Authority and ICE Benchmark Administration, Limited announced that the publication of the one-week and two-month U.S. Dollar (“USD”) LIBOR settings and non-USD LIBOR settings would cease immediately after December 31, 2021, wi...

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