Loading...
Loading...
Regions Financial
RF today announced that it has priced a public
offering of 152.9 million shares of its common stock at a price to the public
of $5.90 per share.
The common stock offering will generate gross proceeds of
approximately $900 million. The closing date for the transaction is expected
to be March 19, 2012.
The Offering is part of Regions' plan to repurchase its Series A Preferred
Stock issued to the U.S. Department of the Treasury under the Troubled Asset
Relief Program Capital Purchase Program. The repurchase of the Series A
Preferred Stock will be contingent on approval by the Federal Reserve and
Treasury Department and is expected to follow the closing of the sale of
Morgan Keegan & Co. Inc. and related affiliates, which is anticipated in early
April. Regions intends to use the proceeds from the Offering and the sale of
Morgan Keegan along with other available funds to repurchase the Series A
Preferred Stock.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in