Huntington National Bank 2009 Annual Report Download - page 171

Other lon
g
-term debt maturities for the next five
y
ears are as follows:
$
0.2 billion in 2010; none in 2011
,
$
0.9 billion in 2012
;$
0.1 billion in 2013
,
none in 2014 and
$
1.2 billion thereafter. These maturities are base
d
upon the par values of lon
g
-term debt.
The terms of the other lon
g
-term debt obli
g
ations contain various restrictive covenants includin
g
limitations on the acquisition of additional debt in excess of specified levels, dividend pa
y
ments, and the
di
spos
i
t
i
on o
f
su
b
s
idi
ar
i
es. As o
f
Decem
b
er 31, 2009, Hunt
i
n
g
ton was
i
n comp
li
ance w
i
t
h
a
ll
suc
h
covenants
.
14.
S
UBORDINATED NOTE
S
At Decem
b
er 31, Hunt
i
n
g
ton’s su
b
or
di
nate
d
notes cons
i
ste
d
o
f
t
h
e
f
o
ll
ow
i
n
g
:
2009 2008
At December 31
,
(
In thousands
)
Parent com
p
an
y
:
6
.21% subordinated notes due 2
0
1
3
............................
$
48
,
732
$
48
,
391
0.98%
j
un
i
or su
b
or
di
nate
dd
e
b
entures
d
ue 2027(1)
.................
138,816
1
5
8
,
36
6
0.88%
j
un
i
or su
b
or
di
nate
dd
e
b
entures
d
ue 2028(2
)
.................
60,093
7
1,093
8.
5
4%
j
unior subordinated debentures due 202
9
...................
23,299
23,34
7
7.33%
j
un
i
or su
b
or
di
nate
dd
e
b
entures
d
ue 203
0
...................
64,9
7
1
6
5,
910
3
.45%
j
unior subordinated debentures due 2033(3)
.................
3
0
,
929 30
,
929
3.76%
j
unior subordinated debentures due 2033(4)
.................
6
,
18
6
6
,
18
6
1
.23%
j
unior subordinated debentures due 2036(
5
)
.................
77
,809
78
,
13
6
1.27%
j
unior subordinated debentures due 2036(
5
)
.................
77
,810
7
8,137
6
.
6
9%
j
unior subordinated debentures due 20
6
7(
6
)
.................
114,04
5
249,408
The Hunt
i
n
g
ton Nat
i
onal Bank:
8
.1
8
% subordinated notes due 2
0
1
0
............................
84
,
144 143
,
261
6
.21% subordinated notes due 2
0
1
2
............................
64
,
861 64
,
81
6
5
.00% subordinated notes due 201
4
............................
133,930
221,
7
27
5
.
59
% subordinated notes due 201
6
............................
112,38
5
284,048
5
.67% subordinated notes due 201
8
............................
144,202
244
,
7
6
9
5
.4
5
% subordinated notes due 201
9
............................
81,990
181
,5
73
Total subord
i
nated notes
...................................
$1
,
264
,
202
$
1
,
950
,
09
7
(
1
)
Var
i
a
bl
ee
ff
ect
i
ve rate at Decem
b
er 31, 2009,
b
ase
d
on t
h
ree mont
h
LIBOR + 0.70
.
(
2
)
Variable effective rate at December 31, 2009, based on three month LIBOR + 0.62
5.
(
3
)
Variable effective rate at December 31, 2009, based on three month LIBOR + 2.9
5.
(
4
)
Variable effective rate at December 31, 2009, based on three month LIBOR + 3.2
5.
(5)
Variable effective rate at December 31, 2009, based on three month LIBOR + 1.40
.
(
6
) The
j
unior subordinated debentures due 20
6
7 are subordinate to all other
j
unior subordinated debentures
.
Amounts a
b
ove are reporte
d
net o
f
unamort
i
ze
ddi
scounts an
d
a
dj
ustments re
l
ate
d
to
h
e
dgi
n
g
w
i
t
h
derivative financial instruments. The derivative instruments, principall
y
interest rate swaps, are used to matc
h
the fundin
g
rates on certain assets to hed
g
e the interest rate values of certain fixed-rate debt b
y
convertin
g
th
e
d
e
b
ttoavar
i
a
bl
e rate. See Note 22
f
or more
i
n
f
ormat
i
on re
g
ar
di
n
g
suc
hfi
nanc
i
a
li
nstruments. A
ll
pr
i
nc
i
pa
li
s
due upon maturit
y
of the note as described in the table above
.
Durin
g
2009, Huntin
g
ton repurchased
$
702.4 million of
j
unior subordinated debentures, bank subordi
-
nated notes and medium-term notes resultin
g
in net pre-tax
g
ains of $147.4 million. In 2008, $48.5 million o
f
the
j
unior subordinated debentures were repurchased resultin
g
in net pre-tax
g
ains of
$
23.5 million
.
1
6
3