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Colonial BancGroup $100 million trust preferreds talked at 8¼%-8 3/8%
By Paul A. Harris
St. Louis, Mo., March 13 - Colonial BancGroup's offering of $100 million trust preferred securities due 2032 is officially talked at 8¼%-8 3/8%, according to a syndicate official who added that the deal is doing well, and is expected to price late Thursday or early Friday.
The lead managers on the deal - being sold via Colonial Capital Trust III - are Lehman Brothers, and Stifel, Nicholas & Co., Inc. The co-managers are Morgan Keegan & Co., Sandler O'Neill & Partners, LP and Sterne, Agee and Leach, Inc.
The offering will be comprised of four million shares priced at $25 per share. There is a 600,000 share greenshoe.
The notes will likely be traded on the New York Stock Exchange, according to the syndicate source, who added that the company intends to use the proceeds for general corporate purposes.
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