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SUBSEQUENT EVENTS | 3 Months Ended
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Mar. 31, 2015
Subsequent Events [Abstract] |
SUBSEQUENT EVENTS | SUBSEQUENT EVENTS On April 6, 2015, the Company completed the issuance and sale of $175.0 million aggregate principal amount of its 5.25 percent Senior Notes due April 15, 2025 (the Senior Notes II and, together with the Senior Notes I, the Senior Notes). Net proceeds after discounts were approximately $172.8 million. The Senior Notes were issued under the Senior Debt Securities Indenture, dated as of April 23, 2012 (the Base Indenture), as supplemented by the First Supplemental Indenture, dated as of April 23, 2012 for the Senior Notes I and the Second Supplemental Indenture, dated as of April 6, 2015 for the Senior Notes II (the Supplemental Indentures and, together with the Base Indenture, the Indenture), between the Company and U.S. Bank National Association, as trustee. The Senior Notes are the Company’s unsecured, unsubordinated debt obligations and rank equally in right of payment with all of the Company’s other existing and future unsubordinated indebtedness. The Senior Notes II bear interest at a per-annum rate of 5.25 percent. The Company is required to make interest payments on the Senior Notes II semi-annually in arrears on April 15 and October 15 of each year, beginning on October 15, 2015. The Senior Notes II will mature on April 15, 2025. However, the Company may, at the Company’s option, on or after January 15, 2025, redeem the Senior Notes II in whole at any time or in part from time to time, on not less than 30 nor more than 60 days’ prior notice. The Senior Notes II will be redeemable at a redemption price equal to 100 percent of the principal amount of the Senior Notes to be redeemed plus accrued and unpaid interest to the date of redemption. The Indenture contains several covenants which, among other things, restrict the Company’s ability and the ability of the Company’s subsidiaries to dispose of or incur liens on the voting stock of certain subsidiaries, and also contains customary events of default. On April 8, 2015, the Company completed the issuance and sale of 4,000,000 depositary shares, each representing a 1/40 th interest in a share of its 7.375 percent Non-Cumulative Perpetual Preferred Stock, Series D, liquidation preference of $1,000 per share (equivalent to $25.00 per depositary share), for gross proceeds of $96.9 million. The Company also granted the underwriters a 30-day option to purchase up to an additional 600,000 depositary shares to cover over-allotments, which the underwriters exercised in full concurrently, resulting in additional gross proceeds of $14.5 million. Management has evaluated subsequent events through the date of issuance of the financial data included herein. Other than the events disclosed above, there have been no subsequent events occurred during such period that would require disclosure in this report or would be required to be recognized in the Consolidated Financial Statements (Unaudited) as of March 31, 2015.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References No definition available. + Details
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