Regions Financial begins offer to exchange shares for 6.625% trust preferred securities

By Jennifer Chiou

New York, May 20 - Regions Financial Corp. announced an offer to issue common shares for the 6.625% trust preferred securities issued by Regions Financing Trust II.

Under the terms of the offer, Regions will issue a number of common shares having a value equal to $700 for each trust preferred. The relevant price for the shares will be the greater of (i) the average volume-weighted average price of Regions shares during the last five trading days of the scheduled exchange offer period and (ii) the minimum price of $2.65 per share.

The offer expires at 11:59 p.m. ET on June 17.

In addition, the company is making public offers of $1 billion of shares and $250 million of new mandatory convertible preferred shares.

Regions is based in Birmingham, Ala. It is the parent company of Regions Bank.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.