SunTrust Banks Inc. announced a tender offer to buy back up to $750 million of debt maturing in the back half of the decade, with the announcement Tuesday coming as a another batch of companies are using the current climate to refinance debt.

The Atlanta regional banking company did not say how it plans to fund the buyback, but a host of firms have been refinancing debt with fresh borrowings as interest rates reach new record lows. The debt in question, of which $2.02 billion is outstanding, carries coupons of 5% to 7.25%. Five classes of subordinated notes are part of the buyback effort. The price paid will be based on Treasury yields, though those who tender by Aug. 6 will get a premium of $30 per $1,000 of notes tendered. The offer is to expire Aug. 20.

SunTrust said last week it returned to the black in the second quarter amid sharply lower loan-loss provisions.

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