WINSTON-SALEM, N.C.,
Aug. 1, 2019 /PRNewswire/
-- BB&T Corporation (NYSE: BBT) announced today 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
About BB&T
BB&T is one of the largest
financial services holding companies in the U.S. with $230.9 billion in assets and market
capitalization of approximately $37.6
billion as of June 30, 2019.
Building on a long tradition of excellence in community banking,
BB&T offers a wide range of financial services including retail
and commercial banking, investments, insurance, wealth management,
asset management, mortgage, corporate banking, capital markets and
specialized lending. Based in Winston-Salem, N.C., BB&T operates more
than 1,700 financial centers in 15 states and Washington, D.C. and is consistently
recognized for outstanding client service by Greenwich Associates
for small business and middle market banking. More information
about BB&T and its full line of products and services is
available at BBT.com.
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SOURCE BB&T Corporation
