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UVSP > SEC Filings for UVSP > Form 8-K on 16-May-2013All Recent SEC Filings

Show all filings for UNIVEST CORP OF PENNSYLVANIA | Request a Trial to NEW EDGAR Online Pro



Other Events

Item 8.01 Other Events

On May 14, 2013, Univest Corporation of Pennsylvania (the "Corporation") submitted a redemption notice to the trustee which will result in the redemption of all of the outstanding capital securities issued by Univest Capital Trust I ("Trust Preferred Securities"), pursuant to the optional redemption provisions provided in the documents governing the Trust Preferred Securities. The Trust Preferred Securities have an aggregate principal balance of $20 million with an interest rate of three-month U.S. London Interbank Borrowing Rate plus 3.05% per annum, currently 3.33%, and a maturity date of October 7, 2033. The Trust Preferred Securities will be redeemed at the liquidation amount of $1,000 per trust preferred security plus accrued and unpaid distributions to the redemption date of July 7, 2013; settlement will occur on Monday, July 8, 2013. The redemption also includes $619 thousand in common securities issued by Univest Capital Trust I and related to the Trust Preferred Securities. Following the redemption, the Corporation's capital levels are expected to remain well in excess of the regulatory minimum for well capitalized status.

This redemption is consistent with the capital plan the Corporation submitted to the Federal Reserve and will be funded from the Corporation's existing cash. The Trust Preferred Securities were hedged and the Corporation recognized a loss in May on the termination of the associated interest rate swap of $1.9 million. The interest rate swap had a maturity date of January 7, 2019. The Corporation expects to save approximately $600 thousand in interest expense over the remainder of 2013 and approximately $1.1 million annually thereafter over what would have been the remaining term of the Trust Preferred Securities and related interest rate swap. In April, the Corporation sold $22.2 million in investment securities at a gain of $1.1 million which when combined with the interest expense savings noted will largely offset the loss on the interest rate swap termination in 2013.

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