Park National registers up to $100 million preferreds for resale

By Jennifer Chiou

New York, March 15 - Park National Corp. registered $100 million of fixed-rate cumulative perpetual preferred shares, series A, for resale in an S-3 filing with the Securities and Exchange Commission.

Also included in the registration are warrants for 227,376 shares. The exercise price for the warrants is $65.97.

The preferreds and warrants were issued to the Department of the Treasury under its Troubled Asset Relief Program Capital Purchase Program.

The 100,000 preferreds have a liquidation preference of $1,000 each. The current dividend rate is 5%.

Park National is a bank holding company based in Newark, Ohio. Its shares closed at $70.68 (NYSE Amex: PRK) on Thursday.

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