Press release
Huntington Bancshares Incorporated Announces Offers To Exchange Any And All Of Its Outstanding Subordinated Notes And Certain Outstanding Subordinated Notes Of The Huntington National Bank For 2.487% Fixed-To-Fixed Rate Subordinated Notes Due 2036 Iss...
Huntington Bancshares Incorporated Announces Offers To Exchange Any And All Of Its Outstanding Subordinated Notes And Certain Outstanding Subordinated Notes
About this update from Huntington Bancshares Incorporated
[{"type":"text","content":"Huntington Bancshares Incorporated Announces Offers To Exchange Any And All Of Its Outstanding Subordinated Notes And Certain Outstanding Subordinated Notes Of The Huntington National Bank For 2.487% Fixed-To-Fixed Rate Subordinated Notes Due 2036 Issued By Huntington Bancshares Incorporated \n \n\nCOLUMBUS, Ohio, Aug. 9, 2021 /PRNewswire/ -- Huntington Bancshares Incorporated (\"Huntington\") today announced it has commenced a series of private exchange offers (the \"exchange offers\") in which Huntington will offer to certain eligible holders of Huntington's 4.350% Subordinated Notes due 2023 and The Huntington National Bank's 6.250% Subordinated Notes due 2022, 4.600% Subordinated Notes due 2025 and 4.270% Subordinated Notes due 2026 (collectively, the \"old notes\") the opportunity to exchange such old notes for Huntington's 2.487% Fixed-to-Fixed Rate Subordinated Notes due 2036 (the \"new notes\"). The new notes offered are expected to be a further issuance of, and will be in addition to, the 2.487% Fixed-to-Fixed Rate Subordinated Notes due 2036 (the \"original notes\") that Huntington expects to issue for cash on August 16, 2021, in the aggregate principal amount of $500 million. The exchange offers will proceed on the terms and subject to the conditions set forth in a confidential offering memorandum dated August 9, 2021 (the \"offering memorandum\").\n\n \n \n \n \n \n \n\n \nThe exchange offers will expire at 11:59 p.m. (New York City time) on September 3, 2021 (as the same may be extended, the \"expiration date\"). Holders who validly tender and do not validly withdraw old notes at or prior to 5:00 p.m., New York City time, on August 20, 2021, unless extended (the \"early participation date\"), and whose tenders are accepted for exchange by Huntington, will receive the total exchange consideration (which includes an early participation amount of $30) for each $1,000 principal amount of old notes, as determined in accordance with the formula set forth in the offering memorandum, on the early participation settlement date, which is expected to be August 24, 2021 (the \"early participation settlement date\"), two business days following the early participation date. Holders who validly tender and do not validly withdraw old notes after the early participation date but at or prior to the expiration date, and whose old not...