Sovereign Bank announces $500 million 10-year subordinated note issue

By Andrea Heisinger

Omaha, May 12 - Sovereign Bank announced a $500 million issue of 10-year subordinated notes on Monday, according to a press release from the company.

The issue was announced late in the day, a market source said, and the timing of the pricing was unknown.

Proceeds will be used for general corporate and banking purposes.

The federal savings bank and subsidiary of Sovereign Bancorp is based in Philadelphia.

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