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Huntington Anticipates $46.2M Gain From Offer

The Associated Press

COLUMBUS, Ohio (AP) — Huntington Bancshares Inc. said Friday that it will likely record a $46.2 million gain from its previously announced cash tender offer, which will likely be used to help repay federal bailout money.

The regional bank, which received a $1.4 billion bailout as part of the Treasury's Department's Troubled Asset Relief Program, has implemented a few public stock offerings recently to help raise capital.

Huntington said $166.3 million of the outstanding trust-preferred securities were validly tendered for a purchase price of approximately $96.2 million. The company launched the tender offer in May.

Huntington said $303.9 million of securities it does not hold will still be outstanding once the tender offer is settled.

The Columbus, Ohio, company's stock gained 9 cents, or 2.1 percent, to $4.42 in electronic premarket trading. It closed at $4.33 on Thursday.