Banknorth Group, Inc. Announces Public Offering of $200 Million of 8.0% Trust Preferred Securities.Business Editors PORTLAND, Maine--(BUSINESS WIRE)--Feb. 15, 2002 Banknorth Group, Inc. (Nasdaq: BKNG) announced today that it had entered into an agreement to sell 8,000,000 shares of 8.0% Trust Preferred Securities of Banknorth Capital Trust II, an indirect subsidiary of Banknorth, at $25 per share, or $200 million in the aggregate, in an underwritten public offering managed by Keefe, Bruyette & Woods, Inc. and Lehman Brothers Inc. Proceeds from the offering will strengthen Banknorth's capital position and enhance its ability to take advantage of future opportunities. The Trust Preferred Securities represent undivided preferred beneficial interests in Banknorth Capital Trust II and are fully and unconditionally guaranteed by Banknorth on a subordinated basis. Net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). from the offering will be invested by Banknorth Capital Trust II in junior subordinated debentures of Banknorth. Proceeds from the issuance of these debentures will be used by Banknorth for general corporate purposes. The Trust Preferred Securities will constitute Tier 1 capital Tier 1 Capital A term used to describe the capital adequacy of a bank. Tier I capital is core capital, this includes equity capital and disclosed reserves. Notes: Equity capital includes instruments that can't be redeemed at the option of the holder. of Banknorth for regulatory purposes. The Trust will redeem all of the outstanding Trust Preferred Securities when the junior subordinated debentures are repaid by it at maturity. The junior subordinated debentures mature on April 1, 2032 and are redeemable by Banknorth at par on or after April 1, 2007. The Trust will apply to have the Trust Preferred Securities listed on the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. under the symbol "BGI BGI Barclays Global Investors BGI Bainbridge Graduate Institute BGI Bureau Gravimétrique International BGI Borland Graphic Interface (File Name Extension) BGI Bridgetown, Barbados - Grantley Adams International .T." Trading of the Trust Preferred Securities is expected to commence within 30 days after issuance of the securities on or about February 22, 2002. A copy of the Prospectus relating to this offering may be obtained by contacting Keefe, Bruyette & Woods, Inc., The Equitable Building, 787 Seventh Avenue, 4th Floor, New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , New York 10019, Attn: Jeff Evans, or Lehman Brothers Inc., c/o Ivan Flores Flores, town, Guatemala Flores (flōrəs), town (1990 est. pop. 2,200), capital of Petén department, N Guatemala. Flores was built on an island in the southern part of Lake Petén Itzá and on the site of the , ADP (1) (Automatic Data Processing) Synonymous with data processing (DP), electronic data processing (EDP) and information processing. (2) (Automatic Data Processing, Inc., Roseland, NJ, www.adp. , 55 Mercedes Way, Edgewood, New York 11717. Banknorth Group, Inc., headquartered in Portland, Maine is a $21.1 billion financial services holding company. Banknorth's subsidiary bank, Banknorth NA, operates banking divisions in Connecticut, Maine, Massachusetts, New Hampshire New Hampshire, one of the New England states of the NE United States. It is bordered by Massachusetts (S), Vermont, with the Connecticut R. forming the boundary (W), the Canadian province of Quebec (NW), and Maine and a short strip of the Atlantic Ocean (E). , New York and Vermont. Through the Bank, Banknorth also operates subsidiaries and divisions engaged in insurance, trust and investments, leasing, mortgage banking, government banking and other financial services. |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion