Susquehanna Bancshares, Inc. (SUSQ: Quote) said Wednesday that it has commenced a public offering of $150 million aggregate principal amount of senior notes due 2022.
Susquehanna expects to use the net proceeds from the offering, along with available cash, to cause the redemption of all of the outstanding 9.375% Capital Securities, Series I, having an aggregate liquidation amount of about $125 million issued in December 2007 by Susquehanna Capital I, an affiliated Delaware statutory trust, to cause the redemption of all of the outstanding 11% Cumulative Trust Preferred Securities, Series II, maturing in March 2040 and having an aggregate liquidation amount of about $50 million issued in March 2010 by Susquehanna Capital II, another affiliated Delaware statutory trust, to fund a redemption of certain subordinated notes having an aggregate principal amount of about $21 million originally issued by Tower Bancorp, Inc. that Susquehanna acquired in February 2012, and for general corporate purposes.
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by RTT Staff Writer
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