Huntington to sell $1,000-par non-cumulative preferred stock

By James McCandless

San Antonio, Aug. 3 – Huntington Bancshares Inc. plans to price an offering of $1,000-par series G non-cumulative perpetual preferred stock, according to a 424B3 filing with the Securities and Exchange Commission.

BofA Securities, Inc., Goldman Sachs & Co. LLC, Morgan Stanley & Co. LLC, RBC Capital Markets, LLC and Huntington Securities, Inc. are the bookrunners.

Dividends are payable on Jan. 15, April 15, July 15 and Oct. 15, starting on Jan. 15, 2021.

The dividend resets on Oct. 15, 2027 to the seven-year Treasury rate plus a spread.

The preferreds are redeemable on any dividend payment date or after the first reset date or within 90 days of a regulatory capital treatment event at par.

Huntington plans to use the proceeds for general corporate purposes, which may include, among other things, supporting asset growth of its subsidiaries.

The company does not plan to list the preferreds on any securities exchange.

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

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