COLUMBUS, Ohio, Aug. 9, 2021 /PRNewswire/ -- Huntington
Bancshares Incorporated today announced that it has commenced a
private offering of subordinated notes (the "Notes"). The
Notes will be unsecured and subordinated in right of payment to the
payment of Huntington's existing senior debt and will rank equal in
right of payment to all of Huntington's existing and future
subordinated indebtedness that is not specifically stated to be
junior to the Notes.
Huntington intends to use the net proceeds from this offering
for general corporate purposes, which may include, among other
things, supporting asset growth of its subsidiaries.
Promptly after this offering, Huntington expects to commence a
private exchange offer in which Huntington will offer to certain
eligible holders of the outstanding 4.350% Subordinated Notes due
2023 that are obligations of Huntington Bancshares Incorporated and
the outstanding 6.25% Subordinated Notes due 2022, 4.60%
Subordinated Notes due 2025, and 4.270% Subordinated Notes due 2026
that are obligations of The Huntington National Bank the
opportunity to exchange such notes for additional Notes (such
additional Notes, the "Exchange Notes"). The Exchange Notes
are expected to constitute a further issuance of, and form a single
series with, the Notes. The offering of the Notes is not
contingent on the proposed private exchange offer.
The Notes are being offered in a private offering to persons
reasonably believed to be qualified institutional buyers in the
U.S. pursuant to Rule 144A under the Securities Act of 1933, as
amended (the "Securities Act"), and to certain persons outside of
the U.S. pursuant to Regulation S under the Securities Act.
The Notes initially will not be registered under the Securities
Act, or the securities laws of any state, and may not be offered or
sold in the U.S. without registration or an applicable exemption
from the registration requirements. Huntington will enter
into a registration rights agreement with respect to the
Notes. Completion of the offering is subject to market and
other conditions.
This press release does not constitute an offer to sell or the
solicitation of an offer to buy the Notes, nor shall it constitute
an offer, solicitation or sale in any jurisdiction in which such
offer, solicitation or sale is unlawful.
About Huntington
Huntington Bancshares Incorporated (Nasdaq: HBAN) is a
$175 billion asset regional bank
holding company headquartered in Columbus, Ohio. Founded in 1866, The
Huntington National Bank and its affiliates provide consumers,
small and middle–market businesses, corporations, municipalities,
and other organizations with a comprehensive suite of banking,
payments, wealth management, and risk management products and
services. Huntington operates more than 1,200 branches in 12
states, with certain businesses operating in extended
geographies.
This press release contains certain forward-looking statements,
including, but not limited to, certain plans, expectations, goals,
projections, and statements, which are not historical facts and are
subject to numerous assumptions, risks, and uncertainties.
Statements that do not describe historical or current facts,
including statements about beliefs and expectations, are
forward-looking statements. Forward-looking statements may be
identified by words such as expect, anticipate, believe, intend,
estimate, plan, target, goal, or similar expressions, or future or
conditional verbs such as will, may, might, should, would, could,
or similar variations. The forward-looking statements are intended
to be subject to the safe harbor provided by Section 27A of the
Securities Act of 1933, Section 21E of the Securities Exchange Act
of 1934, and the Private Securities Litigation Reform Act of
1995.
All forward-looking statements speak only as of the date they
are made and are based on information available at that time. We do
not assume any obligation to update forward-looking statements to
reflect circumstances or events that occur after the date the
forward-looking statements were made or to reflect the occurrence
of unanticipated events except as required by federal securities
laws. As forward-looking statements involve significant risks and
uncertainties, caution should be exercised against placing undue
reliance on such statements. Please carefully review and consider
the various disclosures made in this document and in our other
reports filed with the SEC for more information about the risks and
other factors that may affect our business, results of operations,
financial condition or prospects.
View original content to download
multimedia:https://www.prnewswire.com/news-releases/huntington-bancshares-incorporated-announces-launch-of-private-offering-of-subordinated-notes-301351065.html
SOURCE Huntington Bancshares Inc.