PHILADELPHIA, May 12 /PRNewswire-FirstCall/ -- Sovereign Bancorp, Inc.
("Sovereign or the Company") (NYSE: SOV), parent company of Sovereign Bank
("Bank") today announced the public offering of $1.0 billion of shares of
its common stock. Lehman Brothers Inc. is acting as the sole book-running
manager of the offering. The underwriter will have an option to purchase up
to $150 million of additional shares of the Company's common stock to cover
over- allotments. Sovereign intends to use the net proceeds of the offering
for general corporate purposes.
The offering will be made under Sovereign's shelf registration
statement filed with the Securities and Exchange Commission and only by
means of a prospectus supplement and accompanying prospectus. When
available, a copy of the prospectus supplement and accompanying prospectus
relating to each offering may be obtained from Lehman Brothers Inc., c/o
Broadridge, Integrated Distribution Services, 1144 Long Island Avenue,
Edgewood, NY 11717; fax: 631-254-7140, or email:
qiana.smith@broadridge.com.
About Sovereign
Sovereign Bancorp, Inc., ("Sovereign") (NYSE: SOV), is the parent
company of Sovereign Bank, a financial institution with principal markets
in the Northeastern United States. Sovereign Bank has 750 community banking
offices, over 2,300 ATMs and approximately 12,000 team members. Sovereign
offers a broad array of financial services and products including retail
banking, business and corporate banking, cash management, capital markets,
wealth management and insurance. For more information on Sovereign Bank,
visit < http://www.sovereignbank.com > or call 1-877-SOV-BANK.
This press release does not constitute an offer to sell or the
solicitation of an offer to buy any shares of common stock, nor will there
be any sale of common stock or any other securities in any state or
jurisdiction in which such offer, solicitation or sale would be unlawful
prior to registration or qualification under the securities laws of any
such state or jurisdiction.
SOURCE Sovereign Bancorp, Inc.
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Related links:
http://www.sovereignbank.com
CONTACT:
Financial: Kirk Walters, +1-617-346-7346,
kwalter1@sovereignbank.com, or Stacey Weikel, +1-610-320-8428,
sweikel@sovereignbank.com; Media: Ed Shultz, +1-610-378-6159,
eshultz1@sovereignbank.com, all of Sovereign Bancorp, Inc.
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