Colonial BancGroup files $500 million debt, stock shelf

By Ted A. Knutson

Washington, Nov. 2 - Montgomery, Ala.-based Colonial BancGroup filed a shelf with the Securities and Exchange Commission Tuesday for $500 million in common stock, preference stock and debt securities.

The debt and preference stock, if issued, may be exchanged or converted into other securities.

The $18.2 billion Montgomery, Ala.-based financial services company said it would use proceeds of debt or stock sold from the S-3 shelf registration for general corporate purposes including redemption of preferred stock, financing or extending the maturity of debt obligations, expanding its business, repurchasing stock and financing operating units.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.