Simpson Thacher Represents Underwriters in $1.6 Billion FDIC-Guaranteed Note Offerings by Sovereign Bank and Sovereign Bancorp
12.24.08
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The Firm represented Goldman, Sachs & Co. and J.P. Morgan Securities Inc. as joint book-running managers, in connection with debt offerings by Sovereign Bank and Sovereign Bancorp, Inc. The aggregate principal amounts involved in the offerings were $1,350,000,000 of 2.75% Senior Notes Due 2012 for Sovereign Bank and $250,000,000 of 2.50% Senior Notes Due 2012 for Sovereign Bancorp, Inc. The notes in both offerings are guaranteed under the Federal Deposit Insurance Corporation’s Temporary Liquidity Guarantee Program and are backed by the full faith and credit of the United States. The notes were offered and sold without registration in reliance on Section 3(a)(2) of the Securities Act of 1933, as amended.
Sovereign Bancorp, Inc. is a savings and loan holding company and the parent company of Sovereign Bank, a federal savings bank with principal markets in the Northeastern United States.
The Simpson Thacher team included Maripat Alpuche, Edgar Lewandowski, Fernando Szterling and Anita Brown (Corporate), Jenifer Marsh (Tax) and Rachel Berry (ERISA). Paralegal Michael McLaughlin also provided valuable assistance to the team.