Annual report pursuant to Section 13 and 15(d)

LONG-TERM DEBT

v3.10.0.1
LONG-TERM DEBT
12 Months Ended
Dec. 31, 2018
Debt Instruments [Abstract]  
LONG-TERM DEBT
LONG-TERM DEBT
Huntington’s long-term debt consisted of the following:
 
At December 31,
(dollar amounts in millions)
2018
 
2017
The Parent Company:
 
 
 
Senior Notes:
 
 
 
3.19% Huntington Bancshares Incorporated medium-term notes due 2021
$
969

 
$
969

2.33% Huntington Bancshares Incorporated senior notes due 2022
946

 
953

4.00% Huntington Bancshares Incorporated senior notes due 2025
507

 

2.64% Huntington Bancshares Incorporated senior notes due 2018

 
399

Subordinated Notes:
 
 
 
7.00% Huntington Bancshares Incorporated subordinated notes due 2020
305

 
312

3.55% Huntington Bancshares Incorporated subordinated notes due 2023
239

 
245

Sky Financial Capital Trust IV 4.20% junior subordinated debentures due 2036 (1)
74

 
74

Sky Financial Capital Trust III 4.20% junior subordinated debentures due 2036 (1)
72

 
72

Huntington Capital I Trust Preferred 3.50% junior subordinated debentures due 2027 (2)
69

 
69

Huntington Capital II Trust Preferred 3.42% junior subordinated debentures due 2028 (3)
31

 
31

Camco Financial Statutory Trust I 4.13% due 2037 (4)
4

 
4

Total notes issued by the parent
3,216

 
3,128

The Bank:
 
 
 
Senior Notes:
 
 
 
3.55% Huntington National Bank senior notes due 2023
756

 

3.25% Huntington National Bank senior notes due 2021
750

 

2.47% Huntington National Bank senior notes due 2020
692

 
694

2.55% Huntington National Bank senior notes due 2022
672

 
685

2.23% Huntington National Bank senior notes due 2019
498

 
497

2.43% Huntington National Bank senior notes due 2020
493

 
498

2.97% Huntington National Bank senior notes due 2020
491

 
492

3.31% Huntington National Bank senior notes due 2020 (5)
300

 
300

2.24% Huntington National Bank senior notes due 2018

 
844

2.10% Huntington National Bank senior notes due 2018

 
748

1.75% Huntington National Bank senior notes due 2018

 
496

5.04% Huntington National Bank medium-term notes due 2018

 
35

Subordinated Notes:
 
 
 
3.86% Huntington National Bank subordinated notes due 2026
229

 
238

5.45% Huntington National Bank subordinated notes due 2019
76

 
77

6.67% Huntington National Bank subordinated notes due 2018

 
129

Total notes issued by the bank
4,957

 
5,733

FHLB Advances:
 
 
 
3.12% weighted average rate, varying maturities greater than one year
6

 
7

Other:
 
 
 
Huntington Technology Finance nonrecourse debt, 4.19% effective interest rate, varying maturities
322

 
263

4.68% Huntington Preferred Capital II - Class F securities (6)
74

 
75

4.68% Huntington Preferred Capital II - Class G securities (6)
50

 

Total other
446

 
338

Total long-term debt
$
8,625

 
$
9,206

(1)
Variable effective rate at December 31, 2018, based on three-month LIBOR +1.40%.
(2)
Variable effective rate at December 31, 2018, based on three-month LIBOR +0.70%
(3)
Variable effective rate at December 31, 2018, based on three-month LIBOR +0.625%.
(4)
Variable effective rate at December 31, 2018, based on three-month LIBOR +1.33%.
(5)
Variable effective rate at December 31, 2018, based on three-month LIBOR + 0.51%
(6)
Variable effective rate at December 31, 2018, based on three-month LIBOR +1.88%.


Amounts above are net of unamortized discounts and adjustments related to hedging with derivative financial instruments. The derivative instruments, principally interest rate swaps, are used to hedge interest rate risk of certain fixed-rate debt by converting the debt to a variable rate. See Note 18 for more information regarding such financial instruments.
In May 2018, Huntington issued $500 million of senior notes at 99.686% of face value. The senior notes mature on May 15, 2025 and have a fixed coupon rate of 4.00%.
In May 2018, the Bank issued $750 million of senior notes at 99.774% of face value. The senior notes mature on May 14, 2021 and have a fixed coupon rate of 3.25%.
In August 2018, the Bank issued $750 million of senior notes at 99.780% of face value. The senior notes mature on October 6, 2023 and have a fixed coupon rate of 3.55%.
In March 2017, the Bank issued $700 million of senior notes at 99.994% of face value. The senior notes mature on March 10, 2020 and have a fixed coupon rate of 2.375%. The senior notes may be redeemed one month prior to the maturity date at 100% of principal plus accrued and unpaid interest. Also, in March 2017, the Bank issued $300 million of senior notes at 100% of face value.
In August 2017, the Bank issued $700 million of senior notes at 99.762% of face value. The senior notes mature on August 7, 2022 and have a fixed coupon rate of 2.50%.
Long-term debt maturities for the next five years and thereafter are as follows:
(dollar amounts in millions)
2019
 
2020
 
2021
 
2022
 
2023
 
Thereafter
 
Total
The Parent Company:
 
 
 
 
 
 
 
 
 
 
 
 
 
Senior notes
$

 
$

 
$
1,000

 
$
1,000

 
$

 
$
500

 
$
2,500

Subordinated notes

 
300

 

 

 
250

 
253

 
803

The Bank:
 
 
 
 
 
 
 
 
 
 
 
 
 
Senior notes
500

 
2,000

 
750

 
700

 
750

 

 
4,700

Subordinated notes
76

 

 

 

 

 
250

 
326

FHLB Advances
1

 
2

 

 
1

 
1

 
1

 
6

Other
16

 
74

 
85

 
163

 
108

 

 
446

Total
$
593

 
$
2,376

 
$
1,835

 
$
1,864

 
$
1,109

 
$
1,004

 
$
8,781


These maturities are based upon the par values of the long-term debt.
The terms of the long-term debt obligations contain various restrictive covenants including limitations on the acquisition of additional debt in excess of specified levels, dividend payments, and the disposition of subsidiaries. As of December 31, 2018, Huntington was in compliance with all such covenants.