Fifth Third Bancorp $1.25 Billion Debt Offering

Davis Polk advised the representatives of the underwriters on an SEC-registered offering of $500 million aggregate principal amount of 1.625% senior notes due 2023 and $750 million aggregate principal amount of 2.550% senior notes due 2027 by Fifth Third Bancorp. The net proceeds from the offering totaled approximately $1.25 billion.

Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio, with commercial banking, branch banking, consumer lending and investment advisory businesses. As of March 31, 2020, Fifth Third operated 1,123 full-service banking centers and 2,464 ATMs. It also had $374 billion in assets under care, of which it managed $42 billion for individuals, corporations and not-for-profit organizations.

The Davis Polk corporate team included partner Byron B. Rooney and associates Jennifer Ying Lan and Ariel Rivera. The financial institutions team included partner Margaret E. Tahyar and associate Tyler X. Senackerib. The tax team included counsel Ethan R. Goldman and associate M. Jared Sanders. All members of the Davis Polk team are based in the New York office.