WYOMISSING, Pa., May 13 /PRNewswire-FirstCall/ -- Sovereign Bank
("Bank"), a federal savings bank and a subsidiary of Sovereign Bancorp,
Inc. (NYSE: SOV) announced today that it has priced $500 million of fixed
rate subordinated notes. The notes will have a coupon of 8.75% and will
mature as of May 30, 2018. The offering is subject to customary closing
conditions and is expected to close on May 16, 2008. Lehman Brothers Inc.
acted as the sole book-running manager and Sandler O'Neill & Partners L.P.
acted as co-manager of the offering. The Bank intends to use the net
proceeds of the offering for general corporate and banking purposes,
including repayment of Federal Home Loan Bank borrowings.
This press release is not an offer to sell or a solicitation of an
offer to buy any security and shall not constitute an offer, solicitation
or sale of any securities to any person or in any jurisdiction where such
an offering or sale would be unlawful. This press release contains
information about a proposed transaction, and there can be no assurance
that this transaction will be completed.
Statements in this press release which are not historical facts are
"forward-looking statements" that involve risks and uncertainties,
including the results of proposed financing activities. For a discussion of
such risks and uncertainties, which could cause actual future events to
differ from those contained in the forward-looking statements, see
"Forward-Looking Statements" in Sovereign Bancorp Inc.'s Annual Report on
Form 10-K for the most recently ended fiscal year.
About Sovereign
Sovereign Bank is a federal savings bank and a subsidiary of Sovereign
Bancorp, Inc., ("Sovereign") (NYSE: SOV), 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.
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, or Media, Ed Shultz,
+1-610-378-6159, eshultz1@sovereignbank.com, all of Sovereign
Bancorp, Inc.
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