BB&T 2011 Annual Report Download - page 121

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NOTE 10. Long-Term Debt
Long-term debt comprised the following:
December 31,
2011 2010
(Dollars in millions)
BB&T Corporation:
3.10% Senior Notes Due 2011 $ — $ 250
3.85% Senior Notes Due 2012 1,000 1,000
3.38% Senior Notes Due 2013 500 500
5.70% Senior Notes Due 2014 510 510
2.05% Senior Notes Due 2014 (1) 700 —
Floating Rate Senior Notes Due 2014 (2) 300 —
3.95% Senior Notes Due 2016 499 499
3.20% Senior Notes Due 2016 999 —
6.85% Senior Notes Due 2019 538 538
6.50% Subordinated Notes Due 2011 (3) — 610
4.75% Subordinated Notes Due 2012 (3) 490 490
5.20% Subordinated Notes Due 2015 (3) 933 932
4.90% Subordinated Notes Due 2017 (1)(3) 342 339
5.25% Subordinated Notes Due 2019 (3) 586 586
Branch Bank:
Floating Rate Subordinated Notes Due 2016 (3)(4) 350 350
Floating Rate Subordinated Notes Due 2017 (3)(4) 262 261
4.875% Subordinated Notes Due 2013 (3) 222 222
5.625% Subordinated Notes Due 2016 (1)(3) 386 386
Federal Home Loan Bank Advances to Branch Bank: (5)
Varying maturities to 2034 8,998 10,243
Junior Subordinated Debt to Unconsolidated Trusts (1)(6) 3,271 3,269
Other Long-Term Debt 83 123
Fair value hedge-related basis adjustments 834 622
Total Long-Term Debt $ 21,803 $ 21,730
(1) Debt listed individually and one or more issues included in the Junior Subordinated Debt to Unconsolidated Trusts
category have been swapped to floating rates based on LIBOR. At December 31, 2011, the effective rates paid on
these borrowings ranged from 1.05% to 3.92%.
(2) These floating-rate senior notes are based on LIBOR and had an effective rate of 1.12% at December 31, 2011.
(3) Subordinated notes that qualify under the risk-based capital guidelines as Tier 2 supplementary capital, subject to
certain limitations.
(4) These floating-rate securities are based on LIBOR, but the majority of the cash flows have been swapped to a fixed rate.
The effective rate paid on these securities including the effect of the swapped portion was 3.26% at December 31, 2011.
(5) Certain of these advances have been swapped to floating rates from fixed rates and from fixed rates to floating rates.
At December 31, 2011, the weighted average rate paid on these advances including the effect of the swapped portion
was 3.79%, and the weighted average maturity was 6.0 years.
(6) Securities that qualify under the risk-based capital guidelines as Tier 1 capital, subject to certain limitations. A
summary of the significant terms of these securities are detailed in the following table.
Excluding the capitalized leases set forth in Note 5, future debt maturities total $1.5 billion, $1.6 billion, $2.0 billion, $1.1
billion and $4.1 billion for the next five years. The maturities for 2017 and later years total $11.4 billion.
Junior Subordinated Debt to Unconsolidated Trusts
In March 2011, BB&T made the decision to retire all of its junior subordinated debt to unconsolidated trusts through the
exercise of certain early redemption provisions. BB&T determined that it was appropriate to amortize the remaining debt
issuance costs and related discounts or premiums, including fair value hedge adjustments, over the period from March
2011 to the current expected redemption date for each of the impacted debt securities.
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