WesBanco files $80 million TARP preferreds, warrants for trading

By Susanna Moon

Chicago, Dec. 29 - WesBanco, Inc. registered $80 million of fixed-rate cumulative perpetual preferred stock it sold to the U.S. Treasury under the Troubled Asset Relief Program for public trading in an S-3 shelf registration with the Securities and Exchange Commission.

Also covered under the registration are warrants to purchase 439,282 common shares.

The preferreds pay cumulative dividends at 5% per year to Feb. 15, 2014, after which they step up to 9%.

The preferreds may not be redeemed prior to Feb. 15, 2012 unless the company has obtained proceeds from one or more qualified offerings of $18.75 million.

WesBanco said it will not receive proceeds from the reselling holders.

Issuer:	WesBanco, Inc.
Issue:	Series B preferred stock
Amount:	$80 million
Maturity:	Perpetual
Dividend:	5%, steps up to 9% after Feb. 15, 2014
Call:	Before Feb. 15, 2012, only with proceeds from equity offerings of $18.75 million; after Feb. 15, 2012 at par
Warrants:	For 439,282 shares
Warrant exercise price:	$25.61
Warrant expiration:	Dec. 5, 2018

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