Regions Financial plans $1,000-par non-cumulative preferred stock

By James McCandless

San Antonio, June 2 – Regions Financial Corp. plans to price an offering of $1,000-par series D non-cumulative perpetual preferred stock, according to a 424B2 filing with the Securities and Exchange Commission.

Goldman Sachs & Co. LLC, Citigroup Global Markets Inc., J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, RBC Capital Markets, LLC and Regions Securities LLC are the bookrunners.

Dividends are payable on March 15, June 15, Sept. 15 and Dec. 15, starting on Sept. 15, 2020.

The dividend is fixed until Sept. 15, 2025, then resets to the five-year Treasury rate plus a spread. The rate will reset every five years after the initial reset date.

The preferreds are redeemable within three months prior to each reset date or following a regulatory capital treatment event at par.

Regions Financial plans to use the proceeds for general corporate purposes.

The company does not plan to list the preferreds on any securities exchange.

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

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