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Sovereign Capital Trust II, 7.50% PIERS Units Trust Preferred
Ticker Symbol: SOV-* CUSIP: 845905306 Exchange: NYSE
* NOTE: This security is no longer trading as of 6/27/2003
Security has been Called for: Friday, June 27, 2003
The 7.50% PIERS Units have been called for redemption on 6/27/2003.
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QUANTUMONLINE.COM SECURITY DESCRIPTION: Sovereign Capital Trust II, 7.50% Trust Preferred Income Equity Redeemable Securities (PIERS), issued at $50 per PIERS. The PIERS initially consist of a Sovereign Capital Trust II, 7.50% preferred security, stated liquidation value $50 and a warrant to purchase 5.3355 shares of common stock (an initial price of $9.37 which is a 19% premium to the $7.875 price of 11/8/1999) of Sovereign Bancorp Inc. (NYSE: SOV) for $50 at any time at the holder's option before 11/20/2029 when the warrants expire. The preferred securities are subject to remarketing at the issuer's option on or after 11/20/2002 if the price on the common stock has exceeded scheduled prices per share, maturing 1/15/2030, distributions of 7.50% ($3.75) per annum are paid quarterly on 2/15, 5/15, 8/15 & 11/15 to holders of record one business day prior to the payment date while the securities remain in global security form. The company has the right, at any time, to defer dividend payments for up to 20 consecutive quarters (but not beyond the maturity date). The trust's assets consist of the 7.50% Junior Subordinated Deferrable Interest Debentures due 1/15/2030 which were purchased from the company using the funds generated from the sale of the trust preferred securities. At any time at the holder's option the preferred stock and the warrant may be separated and transferred separately. See the IPO prospectus for further information on the PIERS by clicking on the link provided below.
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Go to Parent Company's Record (SAN)
IPO - 11/12/1999 - 5.00 Million Units @ $50.00/unit.
Link to IPO Prospectus
Market Value $460.0 Million
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Company's Online Information Links
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| Company's Online SEC EDGAR Filings |
| Company's Email Address Links |
| Address and Phone Numbers |
| Address: 1500 Market Street, Philadelphia, PA 19102 |
| Main Phone Number |
215-557-4630 |
| Fax Number |
610-320-8448 |
| Investor Relations
Stacey Weikel
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610-208-8681
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| Toll Free Phone Number |
877-768-2265 |
| CEO - Jay S. Sidhu |
CFO - Mark R. McCollom |
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