First Citizens Bank to redeem ~$2.9B of senior unsecured notes on Feb 24, 2022

FIRST CITIZENS BANCSHARES INC /DE/

Redeeming all $1.147B 5.000% notes due 2022, $750M 5.000% notes due 2023, $500M 4.750% notes due 2024, and $500M 5.250% notes due 2025.
Redemption price equals greater of par or discounted present value at Treasury yield plus 50 bps (30 bps for 2024 notes) plus accrued interest.
Redemption funded from cash on hand; CFO says move optimizes balance sheet and reduces higher debt costs from CIT merger.

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