SunTrust 2011 Annual Report Download - page 42
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26
Unregistered Sales Of Equity Securities And Use Of Proceeds
SunTrust did not repurchase any shares of its common stock, Series A Preferred Stock Depositary Shares, Series B Preferred Stock
Depositary Shares, or warrants to purchase common stock during the quarter ended December 31, 2011.
On September 12, 2006, SunTrust issued and registered under Section 12(b) of the Exchange Act 20 million Depositary Shares,
each representing a 1/4,000th interest in a share of Perpetual Preferred Stock, Series A. As of December 31, 2011, there was no
unused Board authority to repurchase any shares of Series A Preferred stock.
On August 14, 2007, the Board authorized the Company to repurchase up to 30 million shares of common stock and specified that
such authorization replaced (terminated) existing unused authorizations. This authorization was terminated in January 2011. The
Company is also authorized to repurchase up to $250 million face amount of various tranches of its hybrid capital securities,
including its Series A Preferred Stock. This authority was also terminated in January 2011.
On March 30, 2011, the Company repurchased $3.5 billion of Fixed Rate Cumulative Preferred Stock, Series C, and $1.4 billion
of Fixed Rate Cumulative Preferred Stock, Series D, that was issued to the U.S. Treasury under the CPP. Warrants to purchase
common stock issued to the U.S. Treasury in connection with the issuance of Series C and D preferred stock remained outstanding.
The Board authorized the Company to repurchase all of the remaining outstanding warrants to purchase our common stock that
were issued to the U.S. Treasury in connection with its investment in SunTrust Banks, Inc. under the CPP. On September 28,
2011, the Company purchased and retired 4 million warrants to purchase SunTrust common stock in connection with the U.S.
Treasury's resale, via a public secondary offering, of the warrants that the Treasury held. At December 31, 2011, 13.9 million
warrants remained outstanding.
On December 15, 2011, SunTrust issued depositary shares representing ownership interests in 1,025 shares of Perpetual Preferred
Stock, Series B, no par value and $100,000 liquidation preference per share (the "Series B Preferred Stock") to SunTrust Preferred
Capital I. The Series B Preferred Stock by its terms is redeemable by the Company at $100,000 per share plus any declared and
unpaid dividends.