Regions Financial in $500 Million 6.375% Fixed-to-Floating Rate Preferred Stock Offering

Cleary Gottlieb represented the underwriters led by Goldman Sachs, Deutsche Bank, J.P. Morgan and Morgan Stanley in a registered offering of 20 million Depositary Shares, each representing a 1/40th interest in a share of 6.375% Fixed-to-Floating Non-Cumulative Perpetual Preferred Stock ($1,000 liquidation preference per preferred share) issued by Regions Financial Corporation. The offering launched and priced on April 24, 2014, closed on April 29, 2014 and was the first time Cleary acted as designated underwriters’ counsel for the Regions’ shelf.

Regions Financial Corporation provides traditional commercial, retail and mortgage banking services, as well as other financial services throughout the South, Midwest and Texas.