Fifth Third Bancorp $500 million inaugural sustainable notes offering

Davis Polk advised the representatives of the underwriters on an SEC-registered offering of $500 million aggregate principal amount of 1.707% fixed-rate/floating-rate senior notes due 2027 by Fifth Third Bancorp. This was Fifth Third’s inaugural sustainable notes offering. Fifth Third expects to use the net proceeds from the sale of the notes to finance or refinance, in whole or in part, Eligible Green Projects in accordance with the Sustainable Bond Eligibility Criteria set forth in the Fifth Third Bancorp Sustainable Bond Framework.

Fifth Third is a diversified financial services company headquartered in Cincinnati, Ohio, with commercial banking, branch banking, consumer lending and investment advisory businesses. As of September 30, 2021, Fifth Third operated 1,100 full-service banking centers and 2,336 ATMs. It also had $541 billion in assets under care, of which it managed $61 billion for individuals, corporations and not-for-profit organizations.

The Davis Polk corporate team included partner Byron B. Rooney and associate Jakub P. Jozwiak. The financial institutions team included partner Margaret E. Tahyar and associate Tyler X. Senackerib. The tax team included partner Ethan R. Goldman and associate Benjamin Helfgott. Counsel Charles Shi provided ERISA advice. All members of the Davis Polk team are based in the New York office.