By Cristal Cody
Chicago, Aug. 10 – Huntington Bancshares Inc. sold $500 million of fixed-to-fixed rate 15-year subordinated notes at par on Monday, according to a press release.
The initial coupon on the notes is 2.487%.
The notes had been talked for a spread in the Treasuries plus 140 basis points to 145 bps area, a market source noted. The notes priced with a spread over Treasuries of 117 bps.
Credit Suisse Securities (USA) LLC, Citigroup Global Markets Inc., Goldman Sachs & Co. LLC and Huntington are working as bookrunners for the Rule 144A and Regulation S offering.
Proceeds, according to a press release, will be used for general corporate purposes, including supporting asset growth of its subsidiaries.
The company is also starting an exchange offer for several series of notes.
Huntington is a Columbus, Ohio-based bank holding company.
| Issuer: | Huntington Bancshares Inc.
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| Issue: | Fixed-to-fixed rate subordinated notes
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| Amount: | $500 million
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| Maturity: | 2036
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| Bookrunners: | Credit Suisse Securities (USA) LLC, Citigroup Global Markets Inc., Goldman Sachs & Co. LLC and Huntington
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| Coupon: | 2.487% initial rate
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| Price: | Par
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| Yield: | 2.487%
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| Spread: | Treasuries plus 117 bps
|
| Trade date: | Aug. 9
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | Treasuries plus 140 bps to 145 bps area
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