1.78%XLF 20.53 6.48%QQQQ 45.97 2.38%
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WYOMISSING, Pa. (AP) - Sovereign Bank Inc.'s savings bank subsidiary said Tuesday it priced a $500 million offering of fixed-rate subordinated notes.
| SOV | 7.73 |  0.86 |
The notes have a coupon on 8.75 percent and mature on May 30, 2018.
The offering is expected to close on May 16.
Sovereign plans to use net proceeds of the offering for general corporate and banking purposes, including repayment of Federal Home Loan Bank borrowings.
Lehman Brothers Inc. was book-running manager and Sandler O'Neill & Partners LP acted as co-manager of the offering.
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