Commerce Bancorp announces $175 million convertible trust preferreds deal

By Ronda Fears

Nashville, Tenn., Feb. 27 - Commerce Bancorp Inc. announced plans Wednesday to sell $175 million of convertible trust preferreds, but guidance on the issue did not emerge. Merrill Lynch & Co. is lead manager of the Rule 144A deal, which is slated to price after the close March 5.

Cherry Hill, N.J.-based Commerce Bancorp, a bank holding company, said proceeds will be used for general corporate purposes, including among other things contributions to the capital of subsidiary banks to fund their growth and operations. A portion of the proceeds may also be used to repay currently outstanding debt.

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