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Sovereign Capital Trust V, 7.75% Capital Securities
Ticker Symbol: SOV-B* CUSIP: 84604V204 Exchange: NYSE
* NOTE: This security is no longer trading as of 6/13/2011
Security has been Called for: Monday, June 13, 2011
6/15/2011 -- A QOL user has confirmed that all his shares were redeemed from his account on 6/14/2011. ____________ 5/23/11 -- Another QOL user has been notified that the call is for 6/13/2011. As this date seems more logical we have revised the call date accordingly. ____________ 5/20/2011 -- A QOL user has informed us that SOV-B has been called for 5/22/2011. We can find no information to confirm the call but have assumed that the call information is correct. ____________ January 28, 2009 -- Sovereign Bancorp, Inc. (NYSE: SOV) announced that shareholders at a special meeting held today voted to approve the transaction by which Banco Santander will acquire all of the outstanding Sovereign common stock not currently owned by Banco Santander. Ninety-six percent of Sovereign's shareholders who voted were in favor of the transaction. The results of the Sovereign shareholder vote were certified by IVS Associates. The Sovereign shareholder approval comes two days after Banco Santander shareholders approved a capital increase to finance the acquisition. Under the terms of the definitive transaction agreement, Sovereign shareholders will receive 0.3206 Banco Santander American Depository Shares (ADSs), or upon election Banco Santander ordinary shares (subject to Banco Santander’s right to invalidate any such election) for every 1 share of Sovereign common stock they own (or 1 Banco Santander ADS for 3.42 Sovereign shares). The affirmative shareholder vote satisfies one of the last conditions to the closing of the transaction. Sovereign and Santander expect to close the transaction on Friday, January 30.
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QUANTUMONLINE.COM SECURITY DESCRIPTION: Sovereign Capital Trust V, 7.75% 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 5/22/2011 at $25 per share plus accrued and unpaid dividends, and maturing 5/22/2036. Cumulative distributions of 7.75% ($1.9375) 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 book entry formdate (NOTE: the ex-dividend date is at least 2 business days prior to the record date). The company has the right, at any time, to defer dividend payments for up to 20 consecutive quarters (but not beyond the maturity date). Dividends paid by trust preferred securities are derived from interest paid to the underlying debt securities and therefore are NOT eligible for the 15% tax rate on dividends and are also NOT eligible for the dividend received deduction for corporate holders. The trust's assets consist of the 7.75% Junior Subordinated Deferrable Interest Notes due 5/22/2036 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 capital securities by clicking on the ‘Link to IPO Prospectus’ provided below.
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Go to Parent Company's Record (SAN)
IPO - 5/16/2006 - 6.40 Million Shares @ $25.00/share.
Link to IPO Prospectus
Previous Ticker Symbol: SVRNO Changed: 6/12/2006
Market Value $160.0 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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