Press release
Huntington Bancshares Incorporated Announces Pricing Of Exchange Offers
COLUMBUS, Ohio, Aug. 20, 2021 /PRNewswire/ -- Huntington Bancshares Incorporated ("Huntington") today announced the pricing of its series of private exchange
About this update from Huntington Bancshares Incorporated
[{"type":"text","content":"COLUMBUS, Ohio, Aug. 20, 2021 /PRNewswire/ -- Huntington Bancshares Incorporated (\"Huntington\") today announced the pricing of its series of private exchange offers (the \"exchange offers\") to certain eligible holders to exchange 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\") 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 issued for cash on August 16, 2021, in the aggregate principal amount of $500 million. The exchange offers are being conducted 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 notes are accepted for exchange by Huntington, will receive the total exchange consideration minus the early participation amount (the \"exchange consideration\").\nAs further described in the offering memorandum, the total exchange consideration is based upon the discounted value on the early participation settlement date of the remaining payments of principal and i...