Susquehanna to redeem $196.02 million of notes with offering proceeds

By Ashley Montgomery

Kansas City, Kan., Aug. 8 - Susquehanna Bancshares, Inc. plans to use the proceeds from its offering of senior notes to redeem $196.02 million of outstanding notes, according to a 424B2 filing with the Securities and Exchange Commission.

The company said it plans to redeem its $125.01 million of 9.375% capital efficient notes due December 2057 at par plus accrued interest from Susquehanna Capital I. Susquehanna Capital I will then use the redemption proceeds to redeem its $125.01 million of 9.375% series I capital securities.

The company also plans to redeem its $50.01 million of junior subordinated deferrable interest debentures, series II, due March 2040 at par plus accrued interest from Susquehanna Capital II. Susquehanna Capital II will then use the proceeds to redeem its $50.01 million of 11% series II cumulative trust preferred securities.

Additionally the company will redeem $12 million of its 9% subordinated notes due July 1, 2015 and $9 million of its 9% subordinated notes due July 1, 2014, both of which were originally issued by Tower Bancorp, Inc. and will be redeemed at par plus accrued interest.

Remaining proceeds will be used for general corporate purposes.

The financial holding company is based in Lititz, Pa.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.