This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Union Planters Preferred Funding Corp. Announces Early Tender Results, Early Settlement Of Tender Offer And Expiration Of Consent Solicitation

Union Planters Preferred Funding Corp. (“UPPFC”), a Delaware corporation and an indirect subsidiary of Regions Financial Corporation (“Regions”), announced today that, as of 5:00 p.m., New York City time, on June 24, 2013 (the “Early Tender Date”), it had received tenders of all outstanding shares of its 7.75% Non-Cumulative Exchangeable Series B Preferred Stock, liquidation preference $100,000 per share (“UPPFC Series B Preferred Stock”), in the cash tender offer announced by UPPFC on June 10, 2013. The tender offer, in which UPPFC is offering to purchase any and all outstanding shares of UPPFC Series B Preferred Stock, is being made pursuant to the Offer to Purchase and Consent Solicitation Statement dated June 10, 2013 and the related Letter of Transmittal and Letter of Consent. UPPFC has exercised its early settlement option and will purchase the shares of UPPFC Series B Preferred Stock validly tendered at or before the Early Tender Date on June 25, 2013. The purchase of UPPFC Series B Preferred Stock in the tender offer will be funded by cash on hand, and holders whose UPPFC Series B Preferred Stock is accepted for purchase at the early settlement will receive $117,250 per share of UPPFC Series B Preferred Stock and accrued and unpaid dividends on the UPPFC Series B Preferred Stock.

UPPFC also announced today that, as of 5:00 p.m., New York City time, on June 24, 2013 (the “Consent Solicitation Deadline”), it had received consents from holders of UPPFC voting stock as part of the consent solicitation sufficient to approve the voluntary dissolution of UPPFC in accordance with the terms of UPPFC’s amended and restated articles of incorporation (the “certificate of incorporation”) and applicable law. An aggregate 99.7 percent of the UPPFC Series B Preferred Stock, voting as a separate class, and over 99.9 percent of all voting stock of UPPFC, voting together as a single class, gave consent to UPPFC’s voluntary dissolution as of the Consent Solicitation Deadline. As a result, UPPFC expects to begin the process to dissolve in accordance with the certificate of incorporation and applicable law following completion of the tender offer.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $93.24 -0.41%
FB $117.81 -0.21%
GOOG $701.43 0.82%
TSLA $211.53 -4.96%
YHOO $36.94 2.61%


Chart of I:DJI
DOW 17,660.71 +9.45 0.05%
S&P 500 2,050.63 -0.49 -0.02%
NASDAQ 4,717.0940 -8.5450 -0.18%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs