PHILADELPHIA, May 12 /PRNewswire-FirstCall/ -- Sovereign Bancorp, Inc.
("Sovereign or the Company") (NYSE: SOV), parent company of Sovereign Bank
("Bank") announced today that the Company has priced its public offering of
156,250,000 shares of common stock at an offering price of $8.00 per share
for net proceeds, after the underwriting discount and estimated offering
expenses, of approximately $1.21 billion. The Company has granted the
underwriter a 30-day option to purchase up to an additional 23,437,500
shares to cover over-allotments, if any. The offering is subject to
customary closing conditions and is expected to close on May 16, 2008. The
shares were issued from the Company's shelf registration statement on file
with the Securities and Exchange Commission.
Sovereign intends to use the net proceeds of the offering for general
corporate purposes. Lehman Brothers Inc. is acting as the sole book-running
manager of the offering.
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. The offering may be made only by means of a
prospectus and a related prospectus supplement, copies of which 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.
Forward-Looking Statements
The information contained in this press release includes
forward-looking statements. These forward-looking statements are subject to
the inherent uncertainties in predicting future results and conditions.
Certain factors could cause actual results and conditions to differ
materially from those projected in these forward-looking statements, and
these factors are enumerated in Sovereign's filings with the Securities and
Exchange Commission. This press release should be read in conjunction with
the company's recent SEC filings.
SOURCE Sovereign Bancorp, Inc.
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Related links:
http://www.sovereignbank.com
CONTACT:
FINANCIAL CONTACTS: Kirk Walters,
+1-617-346-7346, kwalter1@sovereignbank.com; or Stacey Weikel,
+1-610-320-8428, sweikel@sovereignbank.com; MEDIA CONTACT, Ed
Shultz, +1-610-378-6159, eshultz1@sovereignbank.com, all of
Sovereign Bancorp, Inc.
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