Regions Financial has commenced a cash tender offer to repurchase any and all of its 7.75% stocks, liquidation preference $100,000 per share. 

Regions plans to dissolve a real estate investment trust after retiring its debt and made a tender offer for certain debt of Union Planters Preferred Funding, according to the company's release.

Holders of 61.1% of the outstanding stocks have indicated that they intend to tender their share and to deliver consent, costing Regions $72 million.

The offer will run through July 12 with Goldman Sachs (GS) as the dealer manager.