Summary
This 8-K filing from BB&T Corporation (now Truist Financial Corp), dated August 13, 2012, announces the redemption of $55,375,000 of its 8.50% Trust Preferred Securities issued by BBC Capital Trust II. This redemption, scheduled for September 12, 2012, is exercisable at BB&T's option and is being funded by general corporate reserves. The securities being redeemed were assumed by BB&T as part of its acquisition of BankAtlantic, which closed on July 31, 2012. This move indicates BB&T's proactive management of its capital structure and liabilities following a significant acquisition. Investors should note that the redemption price will be the liquidation amount of $25 per security, plus any accrued and unpaid distributions.
Key Highlights
- 1BB&T Corporation announces the redemption of $55,375,000 in 8.50% Trust Preferred Securities from BBC Capital Trust II.
- 2The redemption date is set for September 12, 2012.
- 3This redemption is being made at BB&T's option and is funded by the company's general corporate reserves.
- 4The redeemed securities were originally acquired by BB&T through its recent acquisition of BankAtlantic, which was finalized on July 31, 2012.
- 5The redemption price will be the liquidation amount of $25 per trust preferred security, plus any accrued and unpaid distributions.
- 6This action reflects BB&T's active management of its financial obligations post-acquisition.