Huntington National Bank 2011 Annual Report Download - page 181

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, 2011, Huntington was in compliance with all such covenants.
12. SUBORDINATED NOTES
At December 31, Huntington’s subordinated notes consisted of the following:
At December 31,
2011 2010
(dollar amounts in thousands)
Parent company:
6.21% subordinated notes due 2013 .............................. $ 49,482 $ 49,095
7.00% subordinated notes due 2020 .............................. 344,347 308,289
1.13% junior subordinated debentures due 2027(1) .................. 111,816 138,816
1.17% junior subordinated debentures due 2028(2) .................. 54,593 60,093
8.54% junior subordinated debentures due 2029 .................... 23,192 23,248
8.56% junior subordinated debentures due 2030 .................... 64,194 64,474
3.34% junior subordinated debentures due 2033(3) .................. 30,929 30,929
3.65% junior subordinated debentures due 2033(4) .................. 6,186 6,186
1.77% junior subordinated debentures due 2036(5) .................. 72,165 77,481
1.77% junior subordinated debentures due 2036(5) .................. 77,320 77,482
6.69% junior subordinated debentures due 2067(6) .................. 114,101 114,072
The Huntington National Bank:
6.21% subordinated notes due 2012 .............................. 64,959 64,909
5.00% subordinated notes due 2014 .............................. 134,225 136,639
5.59% subordinated notes due 2016 .............................. 111,953 112,420
6.67% subordinated notes due 2018 .............................. 151,444 147,071
5.45% subordinated notes due 2019 .............................. 92,462 86,012
Total subordinated notes ..................................... $1,503,368 $1,497,216
(1) Variable effective rate at December 31, 2011, based on three month LIBOR + 0.70.
(2) Variable effective rate at December 31, 2011, based on three month LIBOR + 0.625.
(3) Variable effective rate at December 31, 2011, based on three month LIBOR + 2.95.
(4) Variable effective rate at December 31, 2011, based on three month LIBOR + 3.25.
(5) Variable effective rate at December 31, 2011, based on three month LIBOR + 1.40.
(6) The junior subordinated debentures due 2067 are subordinate to all other junior subordinated debentures.
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 match the funding
rates on certain assets to hedge the interest rate values of certain fixed-rate debt by converting the debt to a
variable rate. See Note 20 for more information regarding such financial instruments. All principal is due upon
maturity of the note as described in the table above.
During 2011, Huntington retired $36.1 million of junior subordinated debentures, including $32.5 million of
junior subordinated debentures related to the Preferred Stock Exchange Offer, which resulted in net pre-tax gains
of $9.7 million. Huntington anticipates exchanging an additional $3.0 million of trust preferred securities and
retiring the related subordinated debt obligation in the first quarter of 2012. In 2009, Huntington repurchased and
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