Banking, finance, and taxes
Will Huntington Bancshares Raise Cash? (HBAN, HBANP)
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Huntington Bancshares Incorporated (NASDAQ: HBAN) has filed a mixed-securities shelf registration with the SEC which will allow the company to sell securities and raise capital if it chooses. The company asked to sell an unspecified amount of mixed securities with no terms given nor any underwriters named.
The company also has 8.50% Series A Non-Cumulative PerpetualConvertible Preferred Stock which trades under the ticker "HBANP" onNASDAQ.
The company will be able to sell any combination of common stock, preferred stock, depositary shares, debt securities, junior subordinated debt securities, warrants, guarantees, and stock purchase contracts for preferred stock.
Also in the filing is Huntington Capital III, Huntington Capital IV,Huntington Capital V, and Huntington Capital VI with an allowance for trust preferred securities, normal securities, stripped securities, and capital securities
The use of proceeds is the traditional "for general corporatepurposes," which the company says could include the repayment of debt,stock buybacks, Investing in subsidiaries, and for acquisitions.
Jon C. Ogg
January 13, 2009
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