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Regions Financial Corp., 10% Mandatory Convertible Preferred Stock, Series B
Ticker Symbol: RFNCP* CUSIP: 7591EP209 Exchange: OTOTC
* NOTE: This security is no longer trading as of 6/18/2010
Security has been Called for: Friday, June 18, 2010
On June 18, 2010 all shares were converted into common shares per the Other OTC on 7/23/2010. ____________ The Mandatory Convertible Preferred Stock will not be listed on any securities exchange.
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QUANTUMONLINE.COM SECURITY DESCRIPTION: Regions Financial Corp., 10% Mandatory Convertible Preferred Stock, Series B, liquidation preference $1000 per share. The preferred shares are mandatorily convertible on 12/15/2010 into a variable number of Regions Financial Corp. (NYSE: RF) common shares based on the then current price of the common shares for 20 consecutive trading days ending the third trading day prior to the conversion date. The conversion settlement rate will be 227.2727 shares per unit if the then average current market price is equal to or greater than $4.40 and 250.00 shares per unit if the average market price is equal to or less than $4.00. For market prices between those values the settlement rate will be $1000 divided by the market value. The last reported sale price of the common stock on 5/20/2009 was $4.89 per share. The preferred shares are convertible any time at the holder’s option into 227.2727 shares of common stock. Distributions of 10% ($100.00) per annum will be paid quarterly on 2/15, 5/15, 8/15 & 11/15 to holders of record on the 15th calendar date prior to the payment date or on the record date fixed by the board, not more than 60 days or less than 10 days prior to the payment date (NOTE: the ex-dividend date is at least 2 business days prior to the record date). Dividends paid by the preferred are eligible for the 15% tax rate on dividends under normal holding restrictions and are also eligible for the dividends received deduction for corporate holders (see page S-47 of the prospectus for further information). In regard to the payment of dividends and upon liquidation, the preferred shares rank equally with other preferreds of the company and senior to the common shares of the company. See the IPO prospectus for further information on the mandatory convertible preferred stock and their mandatory conversion provisions by clicking on the ‘Link to IPO Prospectus’ provided below.
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Stock
Exchange |
Cpn Rate
Ann Amt |
LiqPref
CallPrice |
Call Date
Matur Date |
Moodys/S&P
Dated |
Conversion
Shares@Price |
Distribution Dates |
15%
Tax Rate |
OTOTCn
OTOTCps
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10.00%
$100
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$1,000.00
N/A
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Called for
6/18/2010
12/15/2010
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Ba2
BB+
6/26/2009
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227.2727@$4.40+
250.00@$4.00-
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2/15, 5/15, 8/15 & 11/15
Click for MW ExDiv Date
Click for Yahoo ExDiv Date
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YES
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Go to Parent Company's Record (RF)
IPO - 5/22/2009 - 250,000 Shares @ $1000.00/share.
Link to IPO Prospectus
Market Value $250.0 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: 1900 Fifth Avenue North, Birmingham, AL 35203 |
| Main Phone Number |
205-944-1300 |
| Fax Number |
205-326-7756 |
| Investor Relations
M. List Underwood, Jr.
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205-801-0265
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| Toll Free Phone Number |
800-734-4667 |
| CEO - O. B. Grayson Hall, Jr. |
CFO - David J. Turner, Jr. |
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