Huntington to sell series J non-cumulative perpetual preferred stock

By Marisa Wong

Los Angeles, Feb. 27 – Huntington Bancshares Inc. plans to price an offering of $25-par series J non-cumulative perpetual preferred stock, according to a 424B2 filing with the Securities and Exchange Commission.

Dividends are payable on Jan. 15, April 15, July 15 and Oct. 15, starting on July 15, 2023.

The dividend rate resets on April 15, 2028 to the five-year Treasury rate plus a spread.

The preferreds are redeemable in whole or in part on any dividend payment date on or after April 15, 2028 or in whole within 90 days of a regulatory capital treatment event. In each case, the redemption price is par.

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 bookrunners.

Venable LLP and Wachtell, Lipton, Rosen & Katz will advise the issuer on legal matters. Gibson, Dunn & Crutcher LLP will act as counsel for the underwriters.

Huntington plans to use the proceeds for general corporate purposes, which may include, among other things, the redemption of some or all of its 5.7% series E fixed-to-floating rate non-cumulative perpetual preferred stock and related depository shares.

The company intends to apply to list the depositary shares on the Nasdaq under the symbol “HBANJ.”

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

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