Huntington Bancshares to convert all 8.5% preferreds to common stock

By Marisa Wong

Morgantown, W.Va., Feb. 21 – Huntington Bancshares Inc. said it has elected to convert all of its outstanding 8.5% series A non-cumulative perpetual convertible preferred stock into common stock.

On Feb. 20, the closing share price of Huntington Bancshares common stock was $15.90. Tuesday marked the 20th trading day in the previous 30 consecutive trading days that the shares closed above $15.54, which is 130% of the conversion price for the series A preferreds, triggering the mandatory conversion.

The conversion will be effective on Feb. 22.

On the mandatory conversion date, each series A preferred share will be converted into 83.6680 common shares. Cash will be paid in lieu of fractional shares.

There are 362,253 shares of series A preferreds outstanding.

Huntington Bancshares is a Columbus, Ohio-based regional bank holding company.

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