Sovereign Capital $75 million trust preferreds talk at 8 5/8%-8¾%

By Paul A. Harris

St. Louis, Mo., Dec. 7 - Price talk of 8 5/8%-8¾% emerged Friday on Sovereign Bancorp's offering of $75 million of preferred capital securities, a syndicate official told Prospect News.

The trust preferreds will be sold in a public deal by financing unit Sovereign Capital Trust III.

The deal, from Janney Montgomery Scott LLC, RBC Capital Markets, Ryan Beck & Co., Keefe, Bruyette & Woods, Inc., Sandler O'Neill & Partners, LP and Friedman Billings Ramsey & Co. is expected to price Monday or Tuesday, the official said.

The offering is comprised of three million 30-year securities at $25 par, paying quarterly distributions and callable from Jan. 1, 2007 onwards. The securities will be traded on the New York Stock Exchange, according to the syndicate source.

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