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Long-Term Debt
3 Months Ended
Mar. 31, 2014
Long-Term Debt  
Long-Term Debt

12. Long-Term Debt

On February 28, 2014, the Bancorp issued and sold $500 million of 2.30% unsecured senior fixed rate notes, with a maturity of five years, due on March 1, 2019. These notes will be redeemable by the Bancorp, in whole or in part, on or after the date that is 30 days prior to the maturity date at a redemption price equal to 100% of the principal amount plus accrued and unpaid interest up to, but excluding, the redemption date.

 

As previously discussed in Note 8, a consolidated VIE of the Bancorp issued $1.3 billion of asset-backed securities related to an automobile loan securitization in the first quarter of 2014. Third-party holders of the debt associated with this transaction do not have recourse to the general assets of the Bancorp.

 

For further information on subsequent events related to long-term debt refer to Note 21.