Regions Wins 29 Percent Acceptance For Swap

BIRMINGHAM, Ala. (AP) — Regions Financial Corp. said Thursday that it achieved nearly 29 percent acceptance of its capital-raising offer to exchange up to 110 million shares of common stock for $700 million in debt securities.

By the exchange offer's deadline on Wednesday night, holders of about $202 million worth of 6.625 percent trust-preferred securities had agreed to the swap, out of a total $700 million eligible for the exchange, the Birmingham-based regional bank said.

When the exchange offer is settled June 22, about 33 million in shares of Regions common stock will be issued to those who accepted the offer. The issuance of additional shares will dilute the value of existing shares. ...