Regions Financial launches tender offer for 3.2% notes due 2021

By Marisa Wong

Los Angeles, Dec. 2 – Regions Financial Corp. said it has begun a cash tender offer to purchase any and all of its $1.1 billion outstanding 3.2% senior notes due 2021.

The tender offer will expire at 5 p.m. ET on Dec. 6.

The purchase price for each $1,000 principal amount of notes tendered and accepted for purchase will be determined using a fixed spread of 20 basis points over the yield based on the bid side price of the 1.5% U.S. Treasury due Nov. 30, 2021. Pricing will be calculated at 11 a.m. ET on Dec. 6.

The company will also pay accrued interest from the last interest payment date up to but excluding the settlement date, which is expected to be Dec. 9.

Regions said it expects to pay the consideration for any notes tendered under guaranteed delivery procedures and accepted for purchase on Dec. 11.

The offer is not conditioned on any minimum amount of notes being tendered.

Deutsche Bank Securities Inc. (866 627-0391, 212 250-2955), Barclays (800 438-3242, 212 528-7581), Goldman Sachs & Co. LLC (800 828-3182, 212 357-1452) and Regions Securities LLC (800 734-4667 or 704 940-5066) are joint dealer managers for the offer.

Global Bondholder Services Corp. (212 430-3774 for banks and brokers or 866 924-2200 for all others or https://gbsc-usa.com/registration/regions/) is the tender and information agent.

Regions Financial is a Birmingham, Ala.-based financial holding company.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.