Huntington National Bank 2010 Annual Report Download - page 173
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Please find page 173 of the 2010 Huntington National Bank annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.-
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In 2010, approximately $92.1 million of municipal securities, $86.0 million in Huntington Preferred
Capital, Inc. (Real Estate Investment Trust) Class E Preferred Stock and cash of $6.1 million were transferred
to Tower Hill Securities, Inc., an unconsolidated entity, in exchange for $184.1 million of Common and
Preferred Stock of Tower Hill Securities, Inc. The municipal securities and the REIT Shares will be used to
satisfy $65.0 million of mandatorily redeemable securities issued by Tower Hill Securities, Inc. and are not
available to satisfy the general debts and obligations of Huntington or any consolidated affiliates. The transfer
did not meet the sale requirement of ASC 860 and therefore has been recorded as a secured financing on the
Consolidated Balance Sheet of Huntington at December 31, 2010.
In the 2009 first quarter, the Bank issued $600 million of guaranteed debt through the TLGP with the
FDIC. The majority of the resulting proceeds were used to repay unsecured other long-term debt obligations
maturing in 2009.
Other long-term debt maturities for the next five years and thereafter are as follows:
Other Long-Term
Debt Maturities
(Dollar amounts in thousands)
2011 ........................................................... $ 4,846
2012 ........................................................... 661,847
2013 ........................................................... 328,048
2014 ........................................................... 108,377
2015 ........................................................... —
and thereafter .................................................... 1,027,270
These maturities are based upon the par values of the long-term debt.
The terms of the other long-term debt obligations contain various restrictive covenants including
limitations on the acquisition of additional debt in excess of specified levels, dividend payments, and the
disposition of subsidiaries. As of December 31, 2010, Huntington was in compliance with all such covenants.
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