BB&T Announces Redemption of Certain Depositary Shares
Staff Report From South Carolina CEO
Friday, August 2nd, 2019
BB&T Corporation announced that it will redeem all outstanding shares of its 5.850 percent Series D Non-Cumulative Perpetual Preferred Stock (Series D Preferred Stock) and the corresponding depositary shares representing fractional interests in the Series D Preferred Stock (Series D Depositary Shares). BB&T will also redeem all outstanding shares of its 5.625 percent Series E Non-Cumulative Perpetual Preferred Stock (Series E Preferred Stock) and the corresponding depositary shares representing fractional interests in the Series E Preferred Stock (Series E Depositary Shares).
The Series D Depositary Shares (NYSE: BBT PRD, CUSIP: 054937206), each representing a 1/1,000th interest in a share of Series D Preferred Stock, and the Series E Depositary Shares (NYSE: BBT PRE, CUSIP: 054937404), each representing a 1/1,000th interest in a share of Series E Preferred Stock, will be redeemed simultaneously with the redemption of the respective Series D Preferred Stock or Series E Preferred Stock, in each case at a redemption price of $25 per depositary share (equivalent to $25,000 per share of preferred stock). All 23 million outstanding Series D Depositary Shares, and all 46 million outstanding Series E Depositary Shares, will be redeemed on the dividend payment date of Sept. 1, 2019.
Regular dividends on the outstanding shares of the Series D Preferred Stock of $365.625 per share (equivalent to $0.365625 per depositary share) and regular dividends on the outstanding shares of the Series E Preferred Stock of $351.5625 per share (equivalent to $0.3515625 per depositary share) will be paid separately to holders of record as of Aug. 14, 2019, in the customary manner. Accordingly, the redemption price for the Series D Preferred Stock and the redemption price for the Series E Preferred Stock will not include any accrued and unpaid dividends. On and after the redemption date, all dividends on the shares of Series D Preferred Stock and all dividends on the shares of Series E Preferred Stock will cease to accrue. In addition, since Sept. 1, 2019, is not a business day, all of the redemption price per preferred share, redemption price per depositary share and regular quarterly dividends for each of the Series D Preferred Stock and Series E Preferred Stock will be paid on the next succeeding business day, Sept. 3, 2019.
The Series D Depositary Shares and a portion of the Series E Depositary Shares are held through The Depository Trust Company (DTC) and will be redeemed in accordance with the procedures of DTC. Payment to DTC for the Series D Depositary Shares and the portion of the Series E Depositary Shares held by DTC will be made by Computershare Trust Company, N.A., as redemption agent, in accordance with the Deposit Agreements that govern the Series D Depositary Shares and Series E Depositary Shares. Certificates or book entry holdings representing shares of either the Series D Preferred Stock or Series E Preferred Stock and receipts evidencing either the Series D Depositary Shares or Series E Depositary Shares called for redemption should be surrendered for payment at the following address:
Computershare Trust Company, N.A.
Attn: Corporate Actions
150 Royall St.
Canton, MA 02021