Regions Financial Corporation Announces Results of Tender Offer for 3.200% Senior Notes due 2021
Regions Financial Corp. (“Regions”) (NYSE:RF) announced today that, as of 5:00 p.m., New York City time, on December 6, 2019 (the “Expiration Time”), it had received tenders for an aggregate principal amount of $740,120,000 of its outstanding 3.200% Senior Notes due 2021 (the “Notes”) in the cash tender offer announced on December 2, 2019, which was made pursuant to the Offer to Purchase and the related Letter of Transmittal and Notice of Guaranteed Delivery sent to holders of the Notes, each dated December 2, 2019 (the “Tender Offer Documents”). An additional $1,512,000 aggregate principal amount of its outstanding Notes were tendered pursuant to the guaranteed delivery procedures described in the Tender Offer Documents.
Regions has accepted for purchase all Notes validly tendered and not validly withdrawn at or prior to the Expiration Time. Holders whose Notes have been accepted for purchase will also receive accrued and unpaid interest on the purchased Notes from the last interest payment date for such Notes up to, but excluding, the Settlement Date (as defined below). Regions will not accept any further tenders.
The Settlement Date for Notes validly tendered and not validly withdrawn at or prior to the Expiration Time is expected to be December 9, 2019. The purchase of the Notes will be funded by cash on hand.
Deutsche Bank Securities Inc., Barclays Capital, Inc., Goldman Sachs & Co. LLC and Regions Securities LLC served as Joint Dealer Managers for the tender offer.
This news release is neither an offer to purchase nor a solicitation of an offer to sell any securities. The tender offer is being made only by, and pursuant to the terms of, the Offer to Purchase and the related Letter of Transmittal and Notice of Guaranteed Delivery. The tender offer is not being made in any jurisdiction in which the making or acceptance thereof would not be in compliance with the securities, blue sky or other laws of such jurisdiction. In any jurisdiction where the laws require the tender offer to be made by a licensed broker or dealer, the tender offer will be made by the Joint Dealer Managers on behalf of Regions. None of Regions, the Tender and Information Agent, the Joint Dealer Managers or the Trustee with respect to the Notes, nor any of their affiliates, makes any recommendation as to whether holders should tender or refrain from tendering all or any portion of their Notes in response to the tender offer.