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Huntington Bancshares to net $495M from just-completed depositary share offering

Huntington Bancshares Inc. on March 6 closed an offering of 500,000 depositary shares, relating to its newly authorized series E preferred stock.

Each depositary share represents 0.01 of a series E share, which pays a dividend of 5.700% per year until April 15, 2023. Beginning July 15, 2023, it will pay a quarterly dividend equal to the three-month London Interbank Offered Rate plus a spread of 2.880% per year.

Goldman Sachs & Co. LLC, Citigroup Global Markets Inc., Morgan Stanley & Co. LLC and the Huntington Investment Co. served as joint book-running managers for the offering. Keefe Bruyette & Woods Inc. and Sandler O'Neill & Partners LP served as co-managers.

The Columbus, Ohio-based company estimates net proceeds at $495 million.