Hancock's Whitney Bank prices tender offer for 5.875% notes due 2017

By Susanna Moon

Chicago, July 12 - Hancock Holding Co. announced pricing for wholly owned subsidiary Whitney Bank's tender offer for up to $75 million of its 5.875% subordinated notes due 2017.

The total purchase price will be $1,098.97 for each $1,000 principal amount of notes tendered by the early tender deadline of 5 p.m. ET on June 29. This amount includes a premium of $30 per $1,000 of notes.

Holders will also receive accrued interest up to but excluding the payment date, which is slated for July 17.

Pricing for the offer was set at 2 p.m. ET on July 12 using 0.625% U.S. Treasury note due May 31, 2017 plus a fixed spread of 295 basis points, according to a company press release. The reference yield was 0.620%.

The offer will continue to run until 11:59 p.m. ET on July 16. Tendered notes may no longer be withdrawn.

Those who tender their notes after the consent date will receive only the base payment of $1,068.97 per $1,000 principal amount.

Hancock said on July 2 that investors tendered $51,779,000 of the notes by the early tender date.

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.

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