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Prospect News home > News index > List of issuers H > Headlines for Huntington Bancshares Inc. > News item
Published on 10/20/2020 in the Prospect News Investment Grade Daily and Prospect News Liability Management Daily.

Huntington Bancshares launches tender offer for notes due 2021, 2022

By Taylor Fox

New York, Oct. 20 – Huntington Bancshares Inc. commenced cash tender offers to purchase up to $200 million of its outstanding 3.15% senior notes due 2021 (Cusip: 446150AJ3) and up to $200 million of its 2.3% senior notes due 2022 (Cusip: 446150AK0), according to a news release.

There is $1 billion outstanding on each series of notes.

The tender offers are not conditioned upon any minimum amount of either series of notes being tendered.

If holders of the notes tender by the early tender deadline of 5 p.m. ET on Nov. 2, they will receive the total tender offer consideration, including the early tender premium of $30 per $1,000 of notes.

The tender offer consideration on the 2021 notes will be determined based on a 0.125% reference U.S. Treasury security due Sept. 30, 2022 and a fixed spread of 5 basis points.

The tender offer consideration on the 2022 notes will be determined based on a 0.125% reference U.S. Treasury security due Sept. 30, 2022 and a fixed spread of 10 bps.

In addition to the tender offer consideration, holders of tendered notes will receive accrued interest.

Huntington plans to use a combination of cash, cash equivalents and other available cash resources to fund the note purchase.

The consideration will be calculated at 10:30 a.m. ET on Nov. 3.

The early settlement date is expected for Nov. 4.

The offer will expire at 11:59 p.m. ET on Nov. 16, and the final settlement date is expected to be Nov. 18.

Credit Suisse Securities (USA) LLC (800 820-1653) is the dealer manager for the offer.

Global Bondholder Services Corp. (866 470-3800, contact@gbsc-usa.com) is the tender agent and information agent.

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


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