Preferred Stock Channel
Regions Financial Corp (New) | 8.875% Trust Preferred Securities (RF.PRZ)

This preferred is marked as having been called.
Prospectus excerpt:  Regions Financing Trust III, a Delaware statutory trust, which we refer to as the ˘Trust,÷ will issue the Trust Preferred Securities. Each Trust Preferred Security represents an undivided beneficial interest in the assets of the Trust. The only assets of the Trust will be the 8.875% Junior Subordinated Notes due 2078 issued by Regions Financial Corporation, which we refer to as the ˘JSNs.÷ The Trust will pay distributions on the Trust Preferred Securities only from the proceeds, if any, of interest payments on the JSNs.

The JSNs will bear interest at the annual rate of 8.875% from and including April 30, 2008 payable quarterly in arrears on March 15, June 15, September 15 and December 15 of each year, beginning on June 15, 2008. Regions has the right, on one or more occasions, to defer the payment of interest on the JSNs for up to 20 consecutive interest periods or, if earlier, its first payment of current interest, without being subject to its obligations under the alternative payment mechanism described in this prospectus supplement and for up to 40 consecutive interest periods without giving rise to an event of default. In the event of RegionsĂ bankruptcy, holders of the JSNs will have a limited claim for deferred interest.

The principal amount of the JSNs will become due on June 15, 2048, or if that day is not a business day, on the next business day (the ˘scheduled maturity date÷), to the extent of the applicable percentage of the net proceeds that Regions has from the sale of certain qualifying capital securities during a 180-day period ending on a notice date not more than 15 or less than 10 days prior to such date. Regions will use its commercially reasonable efforts, subject to certain market disruption events, to sell enough qualifying capital securities to permit repayment of the JSNs in full on the scheduled maturity date. If any amount is not paid on the scheduled maturity date, it will remain outstanding and Regions will continue to use its commercially reasonable efforts to sell sufficient qualifying capital securities to permit repayment of the JSNs in full. Regions must pay any remaining principal and interest in full on the JSNs on June 15, 2078, which is the final repayment date, whether or not it has sold qualifying capital securities.

At RegionsĂ option, the Trust Preferred Securities may be redeemed on or after June 15, 2013 in whole or in part and prior to June 15, 2013 in whole but not in part after the occurrence of a tax event, capital treatment event or investment company event, as described herein, in each case at 100% of their principal amount plus accrued and unpaid interest to the date of redemption. The JSNs may also be redeemed in whole but not in part prior to June 15, 2013 at a make-whole redemption price after the occurrence of a rating agency event, as described herein.

The JSNs will be subordinated upon RegionsĂ liquidation to all of its existing and future senior debt other than trade accounts payable and any debt that by its terms does not rank senior to the JSNs upon RegionsĂ liquidation but will rank equally upon RegionsĂ liquidation with its 6.625% Junior Subordinated Notes due 2077 held by Regions Financing Trust II and Regions guarantee of the related trust preferred securities, and will be effectively subordinated to all liabilities of RegionsĂ subsidiaries. As a result, the Trust Preferred Securities also will be effectively subordinated to the same debt and liabilities. Regions will guarantee the Trust Preferred Securities on a subordinated basis to the extent described in this prospectus supplement.

Full Prospectus PDF », RF Page »

Alternate symbology:RF-Z, RF-PZ, RFprZ
Redeemable?:Yes
Call Date:6/15/2013 (Now Trading Post Call Date)
Maturity Date:6/15/2048
Cumulative?:Yes
Shares Offered:12,000,000
Overallotment:1,800,000
Liquidation Preference:$25
Original Coupon:8.88%
Pay Period:Quarterly
Pay Dates:15-Mar, 15-Jun, 15-Sep, 15-Dec
Regions Financial is a banking holding company. Through its subsidiaries, Co. has the following segments: Corporate Bank, which represents its commercial banking functions including commercial and industrial, commercial real estate and investor real estate lending; Consumer Bank, which represents its branch network, including consumer banking products and services related to residential first mortgages, home equity lines and loans, branch small business loans, indirect loans, consumer credit cards and other consumer loans; and Wealth Management, which provides credit related products, trust and investment management, asset management, retirement and savings solutions and estate planning.

Preferreds: RF.PRZ, RF.PRA, RF.PRB, RF.PRC


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Name:  Regions Financial Corp (New)
Website:  www.regions.com
Sector:  Banking & Savings
Number of ETFs Holding RF:  117 (see which ones)
Total Market Value Held by ETFs:  $3,693,810,353.76
Total Market Capitalization:  $20,280,000,000
% of Market Cap. Held by ETFs:  18.21%

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