Huntington Bancshares plans to buy $338.9M in subordinated bank notes in tender offer
By APFriday, November 20, 2009
Huntington Bancshares to buy $338.9M in notes
COLUMBUS, Ohio — Huntington Bancshares Inc., parent company of Huntington National Bank, said Friday that it will pay $338.9 million for subordinated bank notes tendered for an offer that expired Thursday.
Huntington, based in Columbus, Ohio, had offered to buy notes with a principal amount up to $400 million.
The expected settlement date for the offer is Monday. After settlement, another $429.2 million in subordinated bank notes will remain outstanding.
The sum includes $370.8 million in notes tendered plus accrued and unpaid interest.
Sandler O’Neill & Partners LP is the dealer manager for the offer.
Huntington shares fell 5 cents to $3.78 on Friday.
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