Huntington swaps common shares for some 8.5% convertible preferreds

By Angela McDaniels

Tacoma, Wash., June 3 - Huntington Bancshares Inc. issued $20 million of common stock, or 4.7 million shares, in exchange for a portion of its series A 8.5% non-cumulative perpetual convertible preferred stock late in the first quarter, according to a company news release.

The exchanges settled April 2 and are part of the company's plan to add about $675 million of regulatory common equity.

Other actions being pursued include a $300 million public offering of common stock, a tender offer for $470 million of trust preferred securities and the issuance of $196 million of stock through discretionary equity issuance programs.

The company expects another $250 million of combined impact from other potential actions, including management initiatives, the exchange of other capital instruments and the adoption of new accounting standards.

Columbus, Ohio-based Huntington Bancshares is the bank holding company for Huntington National 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.