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Huntington Bancshares Incorporated Announces Completion of Cash Tender Offer for Certain Trust Preferred Securities; $46.2 Million After-Tax Gain Expected
Friday, June 19, 2009 9:55 AM


(Source: PRNewswire)trackingCOLUMBUS, Ohio, June 19 /PRNewswire-FirstCall/ -- Huntington Bancshares Incorporated (Nasdaq: HBAN; www.huntington.com) today announced the results of its previously announced offer to purchase for cash (the "Tender Offer") a portion of outstanding trust preferred securities of Huntington Capital I, Huntington Capital II and Huntington Capital III, as set forth in the table below, which is expected to result in a $46.2 million after-tax gain. All capitalized terms used but not defined in this press release shall have the meanings ascribed to them in the Offer to Purchase dated as of May 21, 2009, relating to the Tender Offer.

The Tender Offer expired at 11:59 p.m., New York City time, on June 18, 2009 (the "Expiration Date"). As of the Expiration Date, $166.3 million aggregate liquidation amount of Securities were validly tendered for purchase, according to information provided by Global Bondholder Services Corporation, the Depositary and Information Agent with respect to the Tender Offer. Huntington has accepted for purchase all Securities validly tendered and not validly withdrawn. This will result in an aggregate purchase price of approximately $96.2 million for the Securities, representing the aggregate Total Consideration for the Securities and the applicable accrued and unpaid distributions on the Securities, to be paid by Huntington on the expected settlement date for the Tender Offer, June 23, 2009 (the "Settlement Date"). After settlement of the Tender Offer, $303.9 million aggregate liquidation amount of Securities not held by Huntington will remain outstanding.

The table below sets forth in detail the amount of each issue of Securities validly tendered and accepted for purchase as of the Expiration Date.

TABLE OF COMPANY SECURITIES

Aggregate

Liquidation

Amount

__ Aggregate__ Not Held By

Aggregate__ Liquidation__ Huntington

Liquidation__ Amount__ to be

Amount__ Tendered and Outstanding

Outstanding__ Accepted for__ After

as of__ Purchase as__ Settlement

CUSIP__ May 20,__ of June 18,__ on June 23,

Title of Security__ Numbers__ 2009__ 2009__ 2009

Huntington Capital__ 446283 AD5,

I Floating Rate__ 446283 AA1 or

Capital Securities U44558 AA9__ $152,180,000__ $19,550,000__ $132,630,000

Huntington Capital II

Floating Rate

Capital Securities,

Series B__ 446284 AA9__ $68,000,000__ $11,000,000__ $57,000,000

Huntington Capital III

6.65% Trust Preferred

Securities__ 44628M AA9__ $250,000,000__ $135,715,000__ $114,285,000

Goldman, Sachs & Co. served as Dealer Manager in connection with the Tender Offer. Global Bondholder Services Corporation served as Depositary and Information Agent in connection with the Tender Offer.



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