Hilltop Holdings Inc . (NYSE:HTH), a Texas-based financial holding company with a market capitalization of $1.86 billion, has announced the redemption of all its outstanding 5.00% Senior Notes due 2025, with a principal amount of $150 million.
The redemption occurred on Tuesday, January 15, 2025, which was authorized by the provisions of the indenture dated April 9, 2015. According to InvestingPro data, the company maintains a solid dividend track record, having raised its dividend for nine consecutive years.
The company fulfilled the redemption at a price equal to the total principal amount plus accrued and unpaid interest up to, but not including, the redemption date. This move was in line with the terms outlined in the indenture, which allowed for the redemption of the notes starting 90 days before their maturity date of April 15, 2025.
To execute this financial transaction, Hilltop Holdings deposited sufficient funds with the trustee, U.S. Bank National Association, to cover the redemption price, thereby satisfying and discharging its obligations under both the Senior Notes and the indenture.
Investors should note that the company's next earnings report is scheduled for January 23, 2025. For comprehensive analysis and additional insights, access the full Pro Research Report available on InvestingPro.
In other recent news, Hilltop Holdings has been facing some challenges. The company was recently downgraded from Market Perform to Underperform by Raymond (NS:RYMD) James, due to concerns about the company's fee-heavy business structure and its significant involvement in mortgage and securities operations. The downgrade comes in the wake of a challenging year for Hilltop Holdings, with a 16.4% decline in performance.
In recent developments, the company reported mixed Q3 results, with a net income of approximately $30 million, or $0.46 per diluted share. Despite a challenging market environment, PlainsCapital Bank, a significant contributor to the company's earnings, reported a pre-tax income of $48 million. However, PrimeLending faced a pre-tax loss due to a drop in origination volume and a valuation adjustment, and Hilltop Securities generated $17 million in pre-tax income on $124 million in net revenues.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.