Regions Financial's 6.375% fixed-to-floating rate noncumulative preferreds admitted to NYSE

By Stephanie N. Rotondo

Phoenix, April 30 - Regions Financial Corp.'s $500 million of 6.375% series B fixed-to-floating rate noncumulative perpetual preferred stock listed on the New York Stock Exchange on Wednesday.

The deal priced April 24. The ticker symbol is "RFPB."

The deal came at the rich end of talk, which had been set at 6.375% to 6.5%.

Goldman Sachs & Co. Deutsche Bank Securities Inc., J.P. Morgan Securities LLC and Morgan Stanley & Co. LLC were the joint bookrunning managers.

When declared, dividends will be payable on a quarterly basis through Sept. 15, 2024. At that time, the payment will switch to a floating rate of Libor plus 353.6 basis points, still payable quarterly.

The Birmingham, Ala.-based bank can redeem the preferreds on or after Sept. 15, 2024 or in whole upon the occurrence of a regulatory capital treatment event at par plus accrued dividends.

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

Proceeds will be used for general corporate purposes, which may include common stock repurchases.

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