Huntington National noteholders tender $370.83 million of four series

By Susanna Moon

Chicago, Nov. 23 - Huntington Bancshares Inc. said Huntington National Bank received tenders for $370,829,000 of four series of notes as of 11:59 p.m. ET on Nov. 19, the tender deadline.

On Oct. 22, the company began the cash tender offer for up to $400 million of the following series of notes:

• 5.375% subordinated bank notes due Feb. 28, 2019;

• 6.6% subordinated bank notes due June 15, 2018;

• 5.5% subordinated bank notes due Feb. 15, 2016; and

• 4.9% subordinated bank notes due Jan. 15, 2014.

The notes were listed in order of priority acceptance level, and the bank said it would accept up to $150 million of the 6.6% notes.

As of the tender deadline, the company had received tenders for $74,284,000 of the 5.375% notes, $74,461,000 of the 6.6% notes, $146,991,000 of the 5.5% notes and $75,093,000 of the 4.9% notes.

At 5 p.m. ET on Nov. 4, the company had received tenders for the same amount of the 5.375% notes, $74,019,000 of the 6.6% notes, $146,952,000 of the 5.5% notes and $74,573,000 of the 4.9% notes.

After settlement of the tender offer on Monday, $429,171,000 principal amount of subordinated bank notes will remain outstanding.

"We are very pleased with the results of the tender offer," Stephen D. Steinour, chairman, president and chief executive officer.

"Our ability to successfully raise capital this year afforded us the flexibility to repurchase the subordinated bank notes subject to the tender offer."

For each $1,000 principal amount, Huntington said it paid $825 for the 5.375% notes, $915 for the 6.6% notes, $905 for the 5.5% notes and $930 for the 4.9% notes. The payouts included a $30.00 early payment for those who tendered prior to 5 p.m. ET on Nov. 4.

The dealer manager was Sandler O'Neill & Partners, LP (866 805-4128 or call collect 212 466-7807). The information agent was Global Bondholder Services Corp. (866 387-1500 or call collect 212 430-3774).

The issuer is a Columbus, Ohio-based multi-state diversified financial holding company.

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