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Regions Financial prices tender offer for 3.2% notes due 2021
By Marisa Wong
Los Angeles, Dec. 9 – Regions Financial Corp. said it will pay $1,014.81 per $1,000 principal amount of 3.2% senior notes due 2021 tendered under its tender offer that began Dec. 2 and expired at 5 p.m. ET on Dec. 6.
The purchase price was determined using a fixed spread of 20 basis points over the yield based on the bid side price of the 1.5% U.S. Treasury due Nov. 30, 2021. Pricing was calculated at 11 a.m. ET on Dec. 6.
The company will also pay accrued interest up to but excluding the settlement date, which is expected to be Dec. 9.
As previously reported, Regions received tenders for $740.12 million of its $1.1 billion outstanding 3.2% notes due 2021. An additional $1,512,000 principal amount was tendered under guaranteed delivery procedures.
Regions accepted for purchase all notes tendered at or prior to the expiration time.
Regions had said it expects to pay the consideration for any notes tendered under guaranteed delivery procedures and accepted for purchase on Dec. 11.
The offer was not conditioned on any minimum amount of notes being tendered.
The purchase of the notes will be funded by cash on hand.
The joint dealer managers are Deutsche Bank Securities Inc. (866 627-0391 or 212 250-2955), Barclays (800 438-3242 or 212 528-7581), Goldman Sachs & Co. LLC (800 828-3182 or 212 357-1452) and Regions Securities LLC (800 734-4667 or 704 940-5066).
Global Bondholder Services Corp. (212 430-3774 for banks and brokers or 866 924-2200 for all others or https://gbsc-usa.com/registration/regions/) is the tender and information agent.
Regions Financial is a Birmingham, Ala.-based financial holding company.
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