Columbus, Ohio-based Huntington Bancshares Inc. will convert all its outstanding 8.50% series A preferred stock into common stock, effective Feb. 22.
Huntington's common stock had closed above $15.54, or 130% of the applicable conversion price, for 20 trading days in a 30-day period. That triggered the company's right to convert the shares.
There are 362,253 series A preferred shares outstanding; each will be converted into 83.6680 common shares. Cash will be paid in lieu of fractional shares.
The conversion will not impact per-share earnings or guidance. The converted shares will be eligible to receive the common stock dividend to be paid out April 2.