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MB Financial trusts to redeem $85 million capital preferreds Sept. 16
By Wendy Van Sickle
Columbus, Ohio, Aug. 2 – Fifth Third Bancorp MB Financial, Inc. said MB Financial Capital Trust II, MB Financial Capital Trust IV and MB Financial Capital Trust V will redeem all of their outstanding trust preferred securities on Sept. 16.
MB Financial Capital Trust II’s $35 million of floating-rate capital securities have a current distribution rate of Libor plus 140 basis points and a scheduled maturity date of Sept. 15, 2035 and may be redeemed on any interest payment date on or after Sept. 15, 2010. The redemption price per security will be the liquidation amount of $1,000 plus accrued distributions to the redemption date of $347.53.
MB Financial Capital Trust IV’s $20 million of capital securities have a current distribution rate Libor plus 152 bps and a scheduled maturity date of Sept. 15, 2036, and may be redeemed on any interest payment date on or after Sept. 15, 2011. The redemption price per security will be the liquidation amount of $1,000 plus accrued distributions to the redemption date of $207.10.
MB Financial Capital Trust V’s $30 million of floating-rate capital securities have a current distribution rate of Libor plus 130 bps and a scheduled maturity date of Dec. 15, 2037, but may be redeemed on any interest payment date on or after Dec. 15, 2012. The redemption price per security will be the liquidation amount of $1,000 plus accrued distributions to the redemption date of $290.06.
Each of the redemptions will be funded with available cash.
Wilmington Trust is the paying agent for the MB Financial Capital Trust II and V securities.
U.S. Bank is the paying agent for the MB Financial Capital Trust IV securities.
MB Financial is the Chicago-based holding company for MB Financial Bank, NA.
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