Regions Financial Corp. Announces Redemption of Notes

Rhea-AI Summary

Regions Financial Corporation announced that it will redeem its 3.800% Senior Notes due August 14, 2023, with the redemption taking place on August 23, 2021. Holders of the notes will receive the aggregate redemption price as per the Indenture terms, along with accrued interest up to the redemption date. Regions, with $156 billion in assets, is among the largest full-service banking providers in the U.S., serving various regions through over 1,300 banking offices and about 2,000 ATMs.

Positive

• Redemption of 3.800% Senior Notes indicates proactive financial management.
• Regions has a solid asset base of $156 billion, reinforcing its market position.

Negative

• None.

On Aug. 12, 2021, Regions Financial Corporation (“Regions”) is sending redemption notices to the holders of its 3.800% Senior Notes due Aug. 14, 2023 (the “Notes”), which will result in the redemption on Aug. 23, 2021 (the “Redemption Date”), of the Notes pursuant to the terms of the Indenture, dated as of Aug. 8, 2005, between Regions, as issuer, and Deutsche Bank Trust Company Americas, as trustee (the “Trustee”), as supplemented by the Ninth Supplemental Indenture, dated as of Aug. 13, 2018, between Regions and the Trustee (together, the “Indenture”). The Notes will be redeemed at an aggregate redemption price calculated as provided in the Indenture. Holders will also receive accrued interest thereon to the Redemption Date.

About Regions Financial Corporation

Regions Financial Corporation (NYSE:RF), with $156 billion in assets, is a member of the S&P 500 Index and is one of the nation’s largest full-service providers of consumer and commercial banking, wealth management, and mortgage products and services. Regions serves customers across the South, Midwest and Texas, and through its subsidiary, Regions Bank, operates more than 1,300 banking offices and approximately 2,000 ATMs. Regions Bank is an Equal Housing Lender and Member FDIC. Additional information about Regions and its full line of products and services can be found at www.regions.com.

Cautionary Note on Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, including statements regarding the redemption of the Notes. These statements are based upon Regions’ current beliefs and expectations and are subject to significant risks and uncertainties (some of which are beyond the Regions’ control). Additional information regarding Regions’ use of “forward-looking statements” can be found under the caption “Forward-Looking Statements” beginning on page 7 of Regions’ Annual Report on Form 10-K for the year ended December 31, 2020. Actual results may differ, possibly materially, from those expressed or implied as a result of these risks and uncertainties, including, but not limited to, the risk factors and other uncertainties set forth under “Risk Factors” beginning on page 21 of Regions’ Annual Report on Form 10-K for the year ended December 31, 2020.

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FAQ

What is the recent announcement by Regions Financial Corporation regarding its Senior Notes?

Regions Financial Corporation announced the redemption of its 3.800% Senior Notes due August 14, 2023, effective August 23, 2021.

When will Regions Financial Corporation redeem its Senior Notes?

The redemption of the Senior Notes will take place on August 23, 2021.

What are the financial implications of the Senior Notes redemption for Regions Financial Corporation?

The redemption is expected to enhance Regions' financial position by reducing outstanding debt.

How much does Regions Financial Corporation have in assets?

Regions Financial Corporation has $156 billion in assets.

What services does Regions Financial Corporation provide?

Regions offers consumer and commercial banking, wealth management, and mortgage products and services.