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M&T Capital Trust IV, 8.50% Enhanced Trust Preferred Securities
Ticker Symbol: MTB-A* CUSIP: 55292C203 Exchange: NYSE
* NOTE: This security is no longer trading as of 2/27/2014
Security has been Called for: Thursday, February 27, 2014
Jan. 28, 2014 -- M&T Bank Corporation announced today that it will redeem all of the issued and outstanding 8.5% Enhanced Trust Preferred Securities (TruPS) issued by M&T Capital Trust IV - CUSIP - 55292C203 (NYSE:MTBPrA) on February 27, 2014. M&T is concurrently redeeming in whole the junior subordinated debt securities held by M&T Capital Trust IV which underlie the TruPS. The aggregate principal amount of TruPS outstanding is $350 million. The redemption price will be $25.00 per trust preferred security, which represents 100% of the liquidation amount, together with any accrued and unpaid interest up to but excluding the redemption date. Further terms of the redemption are set forth in a redemption notice being disseminated to the holders of the TruPS. The paying agent is The Bank of New York Mellon Corporation, 101 Barclay Street, Floor 8 West, New York, New York 10286. _____________ This security is possibly subject to an early call as a result of the occurrence of a capital treatment event (see prospectus for further information) stemming from the provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act which no longer allows the company to include the funds originating from this security as Tier 1 capital on their balance sheet.
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QUANTUMONLINE.COM SECURITY DESCRIPTION: M&T Capital Trust IV, 8.50% Enhanced Trust Preferred Securities, liquidation amount $25 per share, guaranteed by M&T Bank Corp. (NYSE: MTB) (See our definition of Guaranteed in our Glossary of Income Investing Terms for the technicalities of the guarantee), redeemable at the issuer's option on or after 1/31/2013 at $25 per share plus accrued and unpaid dividends, and maturing 1/31/2068. Cumulative distributions of 8.50% ($2.125) per annum are paid quarterly on 3/15, 6/15, 9/15 & 12/15 to holders of record on the record date which is one business day prior to the payment date while the securities remain in book-entry form (NOTE: the ex-dividend date is at least 2 business days prior to the record date). Dividends paid by trust preferred securities are derived from interest paid to the underlying debt securities and therefore are NOT eligible for the 15% tax rate on dividends and are also NOT eligible for the dividend received deduction for corporate holders. The company has the right, at any time, to defer dividend payments for up to 40 consecutive quarters without giving rise to an event of default (but not beyond the maturity date) and up to 20 consecutive quarters before the alternative payment mechanism takes effect. The trust's assets consist of the 8.50% Junior Subordinated Deferrable Interest Debentures due 1/31/2068 which were purchased from the company using the funds generated from the sale of the trust preferred securities. See the IPO prospectus for further information on the trust preferred securities by clicking on the ‘Link to IPO Prospectus’ provided below.
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Go to Parent Company's Record (MTB)
IPO - 1/28/2008 - 14.00 Million Shares @ $25.00/share.
Link to IPO Prospectus
Previous Ticker Symbol: MTTRP Changed: 2/06/2008
Market Value $350.0 Million
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Company's Online Information Links
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| Company's Online SEC EDGAR Filings |
| Company's Email Address Links |
| Address and Phone Numbers |
| Address: One M&T Plaza, Buffalo, NY 14203 |
| Main Phone Number |
716-635-4000 |
| Fax Number |
716-842-5489 |
| Investor Relations
Donald J. MacLeod
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716-842-5138
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| Toll Free Phone Number |
800-724-2440 |
| CEO - René F. Jones |
CFO - Darren J. King |
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