Cases & Deals

National City completes public offering of $500 million of Fixed-to-Floating Rate Normal APEX by National City Preferred Capital Trust I

Clients National City Corporation

Jones Day represented National City Corporation in connection with $500 million of 12% Fixed-to-Floating Rate Normal Automatic Preferred Enhanced Securities (APEX) in a public offering by National City Preferred Capital Trust I, underwritten by Goldman Sachs & Co. The Junior Subordinated Debentures held by the statutory trust are remarketable, and the trust also holds stock purchase contracts to purchase Non-Cumulative Perpetual Series E Preferred Stock of National City Corporation.