First Niagara Financial sells $150 million 12% notes to National City

By Lisa Kerner

Charlotte, N.C., Sept. 9 - National City Bank purchased $150 million of 12% senior notes due 2014 issued by First Niagara Financial Group, Inc. according to a form 8-K filed with the Securities and Exchange Commission.

The notes are redeemable at par, at First Niagara's option, in whole or in part in $10 million increments, prior to Sept. 10, 2014.

National City has been granted rights to have the senior notes included in First Niagara's existing shelf registration statement for resale, the filing said.

The sale of the notes was in connection with First Niagara Bank's completed acquisition of 57 branches from National City Bank.

First Niagara is a Lockport, N.Y.-based bank holding company.

National City Bank is a subsidiary of the PNC Financial Services Group, Inc. based in Pittsburgh.

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