Regions gives results of tenders for 2.75% notes, floaters due 2021

By Wendy Van Sickle

Columbus, Ohio, May 20 – Regions Bank took in tenders of $361,081,00 of its outstanding $550 million 2.75% senior bank notes due April 2021 (Cusip: 759187CB1) and $284,375,000 of its $350 million senior floating-rate bank notes due April 2021 (Cusip: 759187CC9) in the cash tender offers for any and all of the notes announced on May 14, according to a press release.

An additional $232,000 of the fixed-rate notes were tendered pursuant to the guaranteed delivery procedures.

The total consideration for the 2.75% notes will be $1,016.25 per $1,000 note, and the total consideration for the floating-rate notes will be $1,000.50 per $1,000 note.

Holders will also receive accrued interest.

The tender offers expired at 5 p.m. ET on May 20.

Settlement is expected for May 21.

The bank has accepted all of the tenders.

The offer is being funded with cash on hand.

The bank has retained J.P. Morgan Securities LLC (866 834-4666, 212 834-8553), Credit Suisse Securities (USA) LLC (800 820-1653, 212 325-6340), Deutsche Bank Securities Inc. (866 627-0391, 212 250-2955) and Regions Securities LLC (800 734-4667, 704 940-5066) to act as joint dealer managers.

Global Bondholder Services Corp. (212 430-3774 or 866 924-2200) is the tender and information agent.

Regions Bank is a banking services provider and a subsidiary of Birmingham, Ala.-based financial services company Regions Financial Corp.

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