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Park National (NYSE:PRK) Corporation (NYSE American:PRK), a $2.82 billion market cap financial institution with a 39-year track record of consistent dividend payments, announced Friday that it has elected to redeem all of its $175 million outstanding 4.50% Fixed-to-Floating Rate Subordinated Notes due 2030. The redemption is scheduled to take place on September 1, 2025. InvestingPro data shows the company maintains a healthy 2.41% dividend yield and trades at a P/E ratio of 17.86.
According to a statement in the company’s SEC filing, the notes will be redeemed at a price equal to 100% of the principal amount, plus any accrued and unpaid interest up to, but not including, the redemption date. The redemption will be conducted under the terms of the Indenture dated August 20, 2020, between Park National and U.S. Bank National Association, as trustee.
The company noted that this filing does not constitute the official notice of redemption, and holders of the notes should refer to the formal notice delivered by U.S. Bank.
This information is based on a press release statement included in Park National Corporation’s Form 8-K filing with the Securities and Exchange Commission.
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