Business Context and Reporting Period
Company: ASSOCIATED BANC-CORP
Filing Type: Form 8-K (Current Report)
Date of Report: August 20, 2012
Event: Regulation FD Disclosure regarding the redemption of trust preferred securities.
Key Financial Metrics
This filing does not report revenue, profit, cash flow, margins, or general liquidity metrics. It specifically details the following debt instruments subject to redemption:
- ASBC TOPrS: $150,000,000 aggregate principal amount (7-5/8% Trust Originated Preferred Securities).
- SFSC MMCapS (Trust II): $15,000,000 aggregate principal amount.
- SFSC MMCapS (Trust I): $15,000,000 aggregate principal amount (intended for future redemption).
Material Changes
The Company submitted redemption notices for the securities listed above. The filing indicates a material change in the Company's capital structure through the planned removal of these liabilities:
- ASBC TOPrS: Intended redemption effective October 1, 2012.
- SFSC MMCapS (Trust II): Intended redemption effective October 23, 2012.
- SFSC MMCapS (Trust I): Intended redemption effective November 7, 2012.
Redemption prices will equal the liquidation value ($25 and $1,000 per security, respectively) plus accrued and unpaid distributions.
Guidance, Outlook, and Risks
The filing contains standard forward-looking statements regarding management's plans and objectives. It notes that outcomes are subject to risks and uncertainties detailed in the Company's most recent Annual Report on Form 10-K and subsequent SEC filings. No specific financial guidance or earnings outlook is provided in this document.
Investor Verification Checklist
- Verify the exact cash outflow required for the redemptions, including accrued distributions up to the specific redemption dates.
- Confirm the impact of removing $180,000,000 in trust preferred securities on the Company's regulatory capital ratios.
- Review the Company's most recent Form 10-K for the full list of risk factors referenced in the forward-looking statements.
- Monitor subsequent filings to confirm the execution of the November 7, 2012 redemption for SFSC Capital Trust I.