Whitney Bank gets tenders for $51.78 million of 5.875% notes to date

By Susanna Moon

Chicago, July 2 - Hancock Holding Co. said investors tendered $51,779,000 of wholly owned subsidiary Whitney Bank's 5.875% subordinated notes due 2017 by the early tender deadline at 5 p.m. ET on June 29.

The company is offering to purchase up to $75 million of the notes.

The total purchase price per $1,000 principal amount of notes will be determined using a fixed spread of 295 basis points over the bid-side yield to maturity of the 0.625% U.S. Treasury note due May 31, 2017 set at 2 p.m. ET on July 12.

The total payment will include $30 per $1,000 of notes tendered by the early deadline.

Holders also will receive accrued interest up to but excluding the payment date.

The offer will end at 11:59 p.m. ET on July 16.

Tendered notes may no longer be withdrawn.

The offer is not conditioned on any minimum amount of notes being tendered.

Sandler O'Neill & Partners, LP (866 805-4128 or collect 212 466-7807) is the dealer manager. Global Bondholder Services Corp. (866 873-7700 or for banks and brokers only 212 430-3774) is the information agent and depositary.

The bank holding company is based in Gulfport, Miss., and operates through two wholly owned bank subsidiaries, Hancock Bank, Gulfport, Miss., and Whitney Bank, New Orleans.

© 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.