Regional banker Huntington Bancshares (HBAN) has announced a new issue of preferred stock.
The $123 billion dollar Ohio banker will sell non-cumulative, qualified and split investment grade shares.
The company has 2 outstanding preferred issues with coupons of 5.875% and 6.25% respectively–they can be seen here. The ‘use of proceeds’ statement says the company ‘may’ redeem their preferred shares. The 5.875% issue is currently redeemable and the 6.25% issue is redeemable starting 4/15/2021.
Yield talk on the new issue is 4.625%
EarlyBird was right on this one.