In an effort to ease its debt pressure, Fifth Third Bancorp ( FITB ) announced to redeem its outstanding 6.50% trust preferred securities (TruPS) issued by Fifth Third Capital Trust IV. The redemption of securities worth $750.0 million is scheduled to take place on Dec 30, 2013. Fifth Third fixed the price of redemption of these TruPS at $1,000 per share, which is 100% of the liquidation amount. The company will pay this redemption price along with the accrued and unpaid distributions due on the securities till the date of redemption. Fifth Third will utilize the existing available cash to fund these redemptions. Wilmington Trust Company, a subsidiary of M&T Bank Corp. ( MTB ), will be the paying agent for these securities. The redemption of the TruPS is expected to auger well for Fifth Third as it will provide an opportunity to the bank to reduce its interest expenses since these securities demand higher rates than other securities.