Huntington Bancshares’ 6.25% noncumulative preferreds list on Nasdaq

By Stephanie N. Rotondo

Seattle, March 28 – Huntington Bancshares Inc.’s $350 million of 6.25% series D noncumulative perpetual preferred stock began trading on the Nasdaq Global Select Market on Monday.

The ticker is “HBANO.”

Price talk was around 6.25%.

The preferreds were issued as depositary shares representing a 1/40th interest.

BofA Merrill Lynch, Morgan Stanley & Co. LLC, UBS Securities LLC and Wells Fargo Securities LLC were the joint bookrunners. Goldman Sachs & Co. and Huntington Investment Co. also participated in the underwriting.

When declared, dividends will be paid on the 15th day of January, April, July and October, beginning July 15.

The preferreds become redeemable on or after April 15, 2021 at par plus accrued dividends. The company can also redeem the issue in whole within 90 days of a capital treatment event.

Proceeds will be used for general corporate purposes, which may include supporting asset growth of subsidiaries.

Huntington Bancshares is a Columbus, Ohio-based regional bank.

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