Regions Financial plans non-cumulative perpetual preferred stock

By Rebecca Melvin

Concord, N.H., April 27 – Regions Financial Corp. is offering $25-par series E non-cumulative perpetual preferred stock, according to a 424B2 filing with the Securities and Exchange Commission.

Morgan Stanley & Co. LLC, BofA Securities Inc., Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC, RBC Capital Markets LLC and Regions Securities LLC are the bookrunners of the offering.

The preferreds are callable beginning June 15, 2026, at par plus declared and unpaid dividends.

Dividends are payable on March 15, June 15, Sept. 15 and Dec. 15, starting on Sept. 15, 2021.

Regions Financial plans to use the proceeds to redeem some or all outstanding shares of its series A preferred stock and to use any remaining proceeds for general corporate purposes.

Application will be made to list the depositary shares representing the preferreds on the New York Stock Exchange under the symbol “RFPrE.”

Regions Financial is a Birmingham, Ala.-based financial holding company.

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