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72 SunTrust Banks, Inc. Annual Report 2003
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS continued
NOTE 13
LONG-TERM DEBT
Long-term debt at December 31 consisted of the following:
(Dollars in thousands) 2003 2002
Parent Company Only
6.125% notes due 2004 $200,000 $200,000
7.375% notes due 2006 200,000 200,000
Floating rate notes due 2007 300,000 300,000
6.25% notes due 2008 294,250 294,250
7.75% notes due 2010 300,000 300,000
Floating rate notes due 2019 50,563 50,563
6.00% notes due 2026 200,000 200,000
Floating rate notes due 20271350,000 350,000
7.90% notes due 20271250,000 250,000
Floating rate notes due 20281250,000 250,000
6.00% notes due 2028 222,925 222,925
7.125% notes due 20311300,000 300,000
7.05% notes due 20311300,000 300,000
Capital lease obligations 1,111 1,977
Other 72,850 (12,237)
Total Parent Company (excluding intercompany
of $193,922 in 2003 and $176,456 in 2002) 3,291,699 3,207,478
Subsidiaries
Floating rate notes due 2004 850,000 —
8.75% notes due 2004 149,966 149,927
Floating rate notes due 2005 1,001,057 —
2.125% notes due 2006 149,979 —
2.50% notes due 2006 399,289 —
7.25% notes due 2006 249,655 249,528
6.90% notes due 2007 99,747 99,676
6.375% notes due 2011 1,000,949 1,001,076
5.45% notes due 2017 498,960 498,885
6.50% notes due 2018 141,119 141,393
8.16% notes due 20261200,000 200,000
Capital lease obligations 15,892 16,299
FHLB advances (2003: 0.50 – 8.79%, 2002: 0.50 – 8.79%) 6,847,124 6,274,240
Direct finance lease obligations 164,718 —
Other 253,768 41,318
Total subsidiaries 12,022,223 8,672,342
Total long-term debt $15,313,922 $11,879,820
1Notes payable to trusts formed to issue Trust Preferred Securities totaled $1.65 billion at December 31, 2003 and 2002.
Principal amounts due for the next five years on long-term
debt are: 2004 – $792.1 million; 2005 – $966.4 million; 2006 –
$1,608.7 million; 2007 – $528.9 million; and 2008 – $803.4 mil-
lion. Restrictive provisions of several long-term debt agreements
prevent the Company from creating liens on, disposing of, or issu-
ing (except to related parties) voting stock of subsidiaries. Further,
there are restrictions on mergers, consolidations, certain leases,
sales or transfers of assets, minimum shareholders’ equity, and
maximum borrowings by the Company. As of December 31,
2003, the Company was in compliance with all covenants and
provisions of long-term debt agreements. In 2003 and 2002,
$1,650.0 million of long-term debt qualified as Tier 1 capital. As
currently defined by Federal bank regulators, $2,380.7 in 2003
and $2,560.8 million in 2002 qualified as Tier 2 capital.
NOTE 14
CAPITAL
The Company is subject to various regulatory capital require-
ments which involve quantitative measures of the Company’s
assets, liabilities and certain off-balance sheet items. The
Company’s capital requirements and classification are ultimately
subject to qualitative judgments by the regulators about compo-
nents, risk weightings and other factors. The Company and its