Annual report pursuant to Section 13 and 15(d)

LONG-TERM DEBT (Tables)

v3.19.3.a.u2
LONG-TERM DEBT (Tables)
 12 Months Ended
Dec. 31, 2019
Debt Instrument [Line Items]  
Schedule of Long-Term Debt
The following table presents senior notes issued during 2019:
Date of Issuance
 
Issuer
 
Amount
 
% of face value
 
Interest Rate
 
Term
 
Maturity
January 2019
 
Bank
 
$
300
 million
 
100
%
 
three-month LIBOR + 0.55%

 
variable
 
February 5, 2021
February 2019
 
Bank
 
500
 million
 
99.909

 
3.125

 
fixed
 
April 1, 2022
August 2019
 
Parent
 
800
 million
 
99.781

 
2.625

 
fixed
 
August 6, 2024

Huntington’s long-term debt consisted of the following:
 
At December 31,
(dollar amounts in millions)
2019
 
2018
The Parent Company:
 
 
 
Senior Notes:
 
 
 
3.19% Huntington Bancshares Incorporated medium-term notes due 2021
$
993

 
$
969

2.33% Huntington Bancshares Incorporated senior notes due 2022
972

 
946

2.67% Huntington Bancshares Incorporated senior notes due 2024
798

 
—

4.05% Huntington Bancshares Incorporated senior notes due 2025
528

 
507

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

 
305

3.55% Huntington Bancshares Incorporated subordinated notes due 2023
247

 
239

Sky Financial Capital Trust IV 3.31% junior subordinated debentures due 2036 (1)
74

 
74

Sky Financial Capital Trust III 3.31% junior subordinated debentures due 2036 (1)
72

 
72

Huntington Capital I Trust Preferred 2.61% junior subordinated debentures due 2027 (2)
70

 
69

Huntington Capital II Trust Preferred 2.53% junior subordinated debentures due 2028 (3)
32

 
31

Camco Financial Statutory Trust I 3.24% due 2037 (4)
4

 
4

Total notes issued by the parent
4,095

 
3,216

The Bank:
 
 
 
Senior Notes:
 
 
 
3.60% Huntington National Bank senior notes due 2023
778

 
756

3.33% Huntington National Bank senior notes due 2021
759

 
750

2.47% Huntington National Bank senior notes due 2020
699

 
692

2.55% Huntington National Bank senior notes due 2022
691

 
672

3.16% Huntington National Bank senior notes due 2022
507

 
—

2.43% Huntington National Bank senior notes due 2020
500

 
493

2.97% Huntington National Bank senior notes due 2020
499

 
491

2.42% Huntington National Bank senior notes due 2020 (5)
300

 
300

2.46% Huntington National Bank senior notes due 2021 (6)
299

 
—

2.23% Huntington National Bank senior notes due 2019
—

 
498

Subordinated Notes:
 
 
 
3.86% Huntington National Bank subordinated notes due 2026
231

 
229

5.45% Huntington National Bank subordinated notes due 2019
—

 
76

Total notes issued by the bank
5,263

 
4,957

FHLB Advances:
 
 
 
3.01% weighted average rate, varying maturities greater than one year
5

 
6

Other:
 
 
 
Huntington Technology Finance nonrecourse debt, 4.08% weighted average interest rate, varying maturities
312

 
322

3.79% Huntington Preferred Capital II - Class F securities (7)
74

 
74

3.79% Huntington Preferred Capital II - Class G securities (7)
50

 
50

3.91% Huntington Preferred Capital II - Class I securities (8)
50

 
—

Total other
486

 
446

Total long-term debt
$
9,849

 
$
8,625

(1)
Variable effective rate at December 31, 2019, based on three-month LIBOR +1.40%.
(2)
Variable effective rate at December 31, 2019, based on three-month LIBOR +0.70%
(3)
Variable effective rate at December 31, 2019, based on three-month LIBOR +0.625%.
(4)
Variable effective rate at December 31, 2019, based on three-month LIBOR +1.33%.
(5)
Variable effective rate at December 31, 2019, based on three-month LIBOR + 0.51%
(6)
Variable effective rate at December 31, 2019, based on three-month LIBOR +0.55%.
(7)
Variable effective rate at December 31, 2019, based on three-month LIBOR +1.88%.
(8)
Variable effective rate at December 31, 2019, based on three-month LIBOR +2.00%.
The trust securities are the obligations of the trusts, and as such, are not consolidated within Huntington’s Consolidated Financial Statements.
A list of trust-preferred securities outstanding at December 31, 2019 follows:
(dollar amounts in millions)
Rate
 
Principal amount of
subordinated note/
debenture issued to trust (1)
 
Investment in
unconsolidated
subsidiary
Huntington Capital I
2.61
%
(2)
$
70

 
$
6

Huntington Capital II
2.53

(3)
32

 
3

Sky Financial Capital Trust III
3.31

(4)
72

 
2

Sky Financial Capital Trust IV
3.31

(4)
74

 
2

Camco Financial Trust
3.24

(5)
4

 
1

Total
 
 
$
252

 
$
14

(1)
Represents the principal amount of debentures issued to each trust, including unamortized original issue discount.
(2)
Variable effective rate at December 31, 2019, based on three-month LIBOR + 0.70%.
(3)
Variable effective rate at December 31, 2019, based on three-month LIBOR + 0.625%.
(4)
Variable effective rate at December 31, 2019, based on three-month LIBOR + 1.40%.
(5)
Variable effective rate at December 31, 2019, based on three month LIBOR + 1.33%.
Schedule of Maturities of Long-term Debt
Long-term debt maturities for the next five years and thereafter are as follows:
(dollar amounts in millions)
2020
 
2021
 
2022
 
2023
 
2024
 
Thereafter
 
Total
The Parent Company:
 
 
 
 
 
 
 
 
 
 
 
 
 
Senior notes
$
—

 
$
1,000

 
$
1,000

 
$
—

 
$
800

 
$
500

 
$
3,300

Subordinated notes
300

 
—

 
—

 
250

 
—

 
253

 
803

The Bank:
 
 
 
 
 
 
 
 
 
 
 
 
 
Senior notes
2,000

 
1,050

 
1,200

 
750

 
—

 
—

 
5,000

Subordinated notes
—

 
—

 
—

 
—

 
—

 
250

 
250

FHLB Advances
2

 
—

 
1

 
1

 
—

 
1

 
5

Other
105

 
61

 
95

 
123

 
101

 
1

 
486

Total
$
2,407

 
$
2,111

 
$
2,296

 
$
1,124

 
$
901

 
$
1,005

 
$
9,844