(Source: Datamonitor)
US-based Huntington Bancshares has commenced a discretionary equity issuance plan pursuant to which it will offer shares of its common stock from time to time for aggregate sale proceeds of up to $150 million.
Huntington intends to use net proceeds of sales under the program for general corporate purposes, including the possible repurchase of outstanding debt.
Stephen Steinour, chairman, president and CEO, said: "At the time of our last capital raise, we indicated our intention to complete our capital objectives via other potential actions, including liability management transactions.
"However, given the improved market conditions as it relates to our outstanding debt and preferred securities, at this time, we have concluded this discretionary equity issuance program is the most effective mechanism to complete our capital objectives and further strengthens Huntington's capital position."
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