Huntington to sell non-cumulative perpetual preferreds, series H

By Taylor Fox

New York, Feb. 2 – Huntington Bancshares Inc. plans to price an offering of $25-par series H non-cumulative perpetual preferred stock, according to a market source and a 424B3 filing with the Securities and Exchange Commission.

BofA Securities, Inc., J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, RBC Capital Markets, LLC, UBS Securities LLC, Wells Fargo Securities LLC and Huntington Securities Inc. are the joint bookrunning managers.

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

The preferreds are redeemable on any dividend payment date or after April 15, 2026 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, the redemption of some or all of one or more series of outstanding preferred stock and related depositary shares and supporting asset growth of subsidiaries.

The company plans to list the preferreds on the Nasdaq Global Select Market under the symbol “HBANP.”

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

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