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Fifth Third pays $1.2 billion to retire cheap debt

Steve Watkins
American City Business Journals
Fifth Third pays $1.2 billion to retire cheap debt

Fifth Third Bancorp will pay more than $1 billion to retire a chunk of its debt next month. Cincinnati-based Fifth Third (Nasdaq: FITB), the largest locally based bank and the nation’s 13th biggest, said it will pay off all $1 billion of its fixed-rate senior notes that are due Aug. 20. The floating rate is based on three-month LIBOR, the London Interbank Offered Rate frequently used by banks and the bond market to determine interest rates.