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Subsequent Event
6 Months Ended
Jun. 30, 2015
Subsequent Events  
Subsequent Event

22. Subsequent Events

On July 29, 2015, the Bancorp entered into an accelerated share repurchase transaction with a counterparty pursuant to which the Bancorp purchased 6,039,792 shares, or approximately $150 million, of its outstanding common stock on August 3, 2015. The Bancorp repurchased the shares of its common stock as part of its Board approved 100 million share repurchase program previously announced on March 18, 2014. The Bancorp expects the settlement of the transaction to occur on or before October 30, 2015.

 

On July 27, 2015, the Bancorp issued and sold $1.1 billion in aggregate principal amount of unsecured senior notes. The notes consisted of $1.1 billion of 2.875% senior fixed rate notes, with a maturity of five years, due on July 27, 2020. 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.