Huntington National Bank 2011 Annual Report Download - page 180

11. OTHER LONG-TERM DEBT
Huntington’s other long-term debt consisted of the following:
At December 31,
2011 2010
(dollar amounts in thousands)
1.28% The Huntington National Bank medium-term notes due through
2018(1) .................................................. $ 641,443 $ 638,950
0.93% Securitization trust notes payable due through 2018(2) ......... 333,644 877,270
5.54% Securitization trust note payable due 2014(3) ................. 123,039 356,089
5.64% Securitization trust note payable due 2013(4) ................. 18,230 151,937
2.60% Class B preferred securities of subsidiary, no maturity(5) ....... 65,000 65,000
7.88% Class C preferred securities of subsidiary, no maturity .......... 50,000 50,000
Other ...................................................... 161 4,846
Total other long-term debt .................................... $1,231,517 $2,144,092
(1) Bank notes had fixed rates and variable rates with a weighted-average interest rate of 1.28% at
December 31, 2011.
(2) Variable effective rate at December 31, 2011, based on one month LIBOR + 0.67 or 0.93%.
(3) Combination of fixed rates with a weighted average rate at December 31, 2011 of 5.54%.
(4) Combination of fixed and variable rates with a weighted average interest rate of 5.64% at December 31,
2011.
(5) Variable effective rate at December 31, 2011, based on one month LIBOR + 2.35 or 2.60%.
Amounts above are net of unamortized discounts and adjustments related to hedging with derivative
financial instruments. The derivative instruments, principally interest rate swaps, are used to hedge the fair values
of certain fixed-rate debt by converting the debt to a variable rate. See Note 20 for more information regarding
such financial instruments.
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 reflected as a secured financing on the Consolidated Balance
Sheet of Huntington.
Other long-term debt maturities for the next five years and thereafter are as follows:
Other long-term
debt maturities
(dollar amounts in thousands)
2012 ................................................................ $600,161
2013 ................................................................ 30,869
2014 ................................................................ 108,377
2015 ................................................................ —
2016 ................................................................ —
and thereafter ......................................................... 483,644
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