Northern Rock to skip optional interest payment on subordinated notes

By Caroline Salls

Pittsburgh, Oct. 15 - Northern Rock plc has elected not to make the interest payment due on the Nov. 23 optional payment date on its $100 million of undated subordinated floating-rate notes, according to a news release.

The notes were issued under the company's $25 billion euro medium-term note program.

Northern Rock is a Newcastle, England, state-owned bank.

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