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Sovereign Capital Trust III, 8.75% Preferred Capital Securities
Ticker Symbol: SOV-A* CUSIP: 84604E202 Exchange: NYSE
* NOTE: This security is no longer trading as of 1/30/2007
Security has been Partially Called for: Tuesday, January 30, 2007
2/2/2007 -- SOV-A has been called from some QOL user's accounts on 1/30/2007 but is still trading on the NYSE 2/2/2007 so there are apparently been a partial call but not a complete call of SOV-A as of 1/30/2007. __________ A news release issued Jan. 23, 2007 to add further confusion to this supposed call -- Sovereign Bancorp, Inc. announced today that its Board of Directors has declared a regular quarterly cash dividend of $.08 per share on its common stock. The cash dividend is payable on February 15, 2007 to shareholders of record on February 2, 2007. In addition to the common stock cash dividend, dividends were also declared on Sovereign's Preferred Stock . . . . A dividend of $0.546875 per share is payable on April 2, 2007 on Sovereign's Preferred Securities issued by Sovereign Capital Trust III (NYSE: SOVPRA) to holders of record on March 30, 2007. __________ 1/24/07 Another QOL user's broker has informed him of a full call on 1/30/07. We aren't sure whether SOV-A has been called or not but we are showing a 1/30/07 call date to at least give users a heads up on this very confused situation. __________ 1/17/2007 -- A second QOL user received a call notice from Schwab and contacted the Sovereign IR Dept. The following is their response: Thank you for your email. No information is available at this time regarding the call of this issue. When securities are called, the various banks and brokers who hold the security are given notification, and they in turn contact their clients with the information. Investor Relations, Sovereign Bancorp, Inc.
__________ A QOL user's broker has informed him that SOV-A is being called for 1/30/2007. We can find no information to confirm the call but assume that the call information is correct.
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QUANTUMONLINE.COM SECURITY DESCRIPTION: Sovereign Capital Trust III, 8.75% Preferred Capital Securities, liquidation amount $25 per share, guaranteed by Sovereign Bancorp, Inc. (NYSE: SOV) (See our definition of Guaranteed in our Glossary of Income Investing Terms for the technicalities of the guarantee), redeemable at the issuer's option on or after 1/01/2007 at $25 per share plus accrued and unpaid dividends, maturing 12/31/2031, distributions of 8.75% ($2.1875) per annum are paid quarterly on 3/31, 6/30, 9/30 & 12/31 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 8.75% Junior Subordinated Deferrable Interest Debentures due 12/31/2031 which were purchased from the company using the funds generated from the sale of the trust preferred securities. See the IPO prospectus for further information on the trust preferred securities by clicking on the ‘Link to IPO Prospectus’ provided below.
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Go to Parent Company's Record (SAN)
IPO - 12/11/2001 - 4.00 Million Shares @ $25.00/share.
Link to IPO Prospectus
Market Value $104.0 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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