Why Fifth Third is swapping up to $1.55B of Comerica debt with investors
Fifth Third Bancorp announced the results of the early participation in its private exchange offers and consent solicitations. The company successfully secured the necessary consents to amend the indenture governing $1.55 billion of outstanding notes originally issued by Comerica Incorporated and assumed by Fifth Third Financial Corporation. This allows Fifth Third to swap these notes for new Fifth Third Notes, with eligible holders tendering a significant portion of the outstanding debt.