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Chevy Chase Bank $100 million perpetual preferred deal to price Sept. 22 week
By Paul A. Harris
St. Louis, Sept. 15 - Chevy Chase Bank intends to raise $100 million in an offering of four million perpetual preferred shares (expected B+) at $25 par during the week of Sept. 22, according to an informed source.
The offering will be marketed via conference call. Price talk is for a dividend of 8%-8½%.
Friedman Billings Ramsey and Legg Mason will be underwriters of the offering.
The Chevy Chase, Md.-based financial institution will use proceeds to redeem all its outstanding 13% non-cumulative preferred shares.
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