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BB&T Corporation Message Board

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  • brucewaynemitch brucewaynemitch Feb 13, 2009 4:09 PM Flag

    Is BBT dividend safe?

    For as long as any Senior Preferred is outstanding, no dividends may be
    declared or paid on junior preferred shares, preferred shares ranking pari
    passu with the Senior Preferred, or common shares (other than in the case
    of pari passu preferred shares, dividends on a pro rata basis with the
    Senior Preferred), nor may the QFI repurchase or redeem any junior
    preferred shares, preferred shares ranking pari passu with the Senior
    Preferred or common shares, unless (i) in the case of cumulative Senior


    The UST’s consent shall be required for any increase in common
    dividends per share until the third anniversary of the date of this
    investment unless prior to such third anniversary the Senior Preferred is
    redeemed in whole or the UST has transferred all of the Senior Preferred
    to third parties.

    If dividends on the Senior Preferred are not paid in full for six dividend
    periods, whether or not consecutive, the Senior Preferred will have the
    right to elect 2 directors. The right to elect directors will end when full
    dividends have been paid for four consecutive dividend periods.

 
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