Huntington National Bank 2015 Annual Report Download - page 159

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(5) Variable effective rate at December 31, 2015, based on three-month LIBOR +0.425%.
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 18 for more information regarding such financial instruments.
In November 2015, the Bank issued $850 million of senior notes at 99.88% of face value. The senior bank note issuances mature
on November 6, 2018 and have a fixed coupon rate of 2.20%. The senior notes may be redeemed one month prior to maturity date at
100% of principal plus accrued and unpaid interest.
In August 2015, the Bank issued $500 million of senior notes at 99.58% of face value. The senior bank note issuances mature on
August 20, 2020 and have a fixed coupon rate of 2.88%.
In June 2015, the Bank issued $750 million of senior notes at 99.71% of face value. The senior bank note issuances mature on
June 30, 2018 and have a fixed coupon rate of 2.00%.
On March 31, 2015, Huntington completed its acquisition of Huntington Technology Finance. As part of the acquisition,
Huntington assumed $293 million of non-recourse debt with various financial institutions and maturity dates. The effective interest
rate on the non-recourse debt is 3.20%. Huntington also assumed $255 million of debt associated with two securitizations. The
securitization debt has various classes and associated maturity dates and has an effective interest rate of 1.70%.
In February 2015, the Bank issued $500 million of senior notes at 99.86% of face value. The senior bank note issuances mature
on February 26, 2018 and have a fixed coupon rate of 1.70%. Also, in February 2015, the Bank issued $500 million of senior notes at
99.87% of face value. The senior bank note issuances mature on April 1, 2020 and have a fixed coupon rate of 2.40%. Both senior
note issuances may be redeemed one month prior to the maturity date at 100% of principal plus accrued and unpaid interest.
In April 2014, the Bank issued $500 million of senior notes at 99.842% of face value. The senior note issuances mature on
April 24, 2017 and have a fixed coupon rate of 1.375%. In April 2014, the Bank also issued $250 million of senior notes at 100% of
face value. The senior bank note issuances mature on April 24, 2017 and have a variable coupon rate equal to the three-month LIBOR
plus 0.425%. Both senior note issuances may be redeemed one month prior to their maturity date at 100% of principal plus accrued
and unpaid interest.
In February 2014, the Bank issued $500.0 million of senior notes at 99.842% of face value. The senior bank note issuances
mature on April 1, 2019 and have a fixed coupon rate of 2.20%. The senior note issuance may be redeemed one month prior to the
maturity date at 100% of principal plus accrued and unpaid interest.
Long-term debt maturities for the next five years and thereafter are as follows:
dollar amounts in thousands 2016 2017 2018 2019 2020 Thereafter Total
The Parent Company:
Senior notes $ — $ — $ 400,000 $ — $ — $ — $ 400,000
Subordinated notes ————300,000 318,049 618,049
The Bank:
Senior notes 850,000 750,000 2,135,000 500,000 1,000,000 — 5,235,000
Subordinated notes 103,009 — 125,539 75,716 — — 304,264
FHLB Advances — 100 1,163 348 2,458 3,921 7,990
Other 144,095 96,715 110,116 43,340 51,537 10,595 456,398
Total $1,097,104 $ 846,815 $2,771,818 $ 619,404 $1,353,995 $ 332,565 $7,021,701
These maturities are based upon the par values of the long-term debt.
The terms of the 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, 2015,
Huntington was in compliance with all such covenants.