FIFTH THIRD BANCORP (FITB): debt financing — Fifth Third Bancorp enters $200M share repurchase agreement with Morgan Stanley

FIFTH THIRD BANCORP

On Jan 20, 2023, Fifth Third entered a $200M share repurchase agreement with Morgan Stanley.
Fifth Third will pay $200M on Jan 24, 2023, and expects to receive majority of shares by same date.
Actual delivery shares based on discount to VWAP of FITB common stock during agreement term.
Settlement expected on or before March 30, 2023; subject to customary adjustments and termination provisions.

item 1.01 item 2.03

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.85

FIFTH THIRD BANCORP incurred guarantee of $200 million with Morgan Stanley & Co. LLC maturing March 30, 2023.

Instrument: guarantee
Principal: $200 million
Counterparty: Morgan Stanley & Co. LLC
Maturity: March 30, 2023
Event: incurrence

Exact text from the filing

On January 20, 2023, Fifth Third Bancorp (“Fifth Third”) entered into a new share repurchase agreement with Morgan Stanley & Co. LLC (“Morgan Stanley”) pursuant to which Fifth Third will purchase approximately $200 million of its outstanding common stock.

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FIFTH THIRD BANCORP filing history →

Source: SEC EDGAR

accession 0000035527-23-000005

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