Sovereign Bancorp files $2.5 billion shelf

By Angela McDaniels

Seattle, April 25 - Sovereign Bancorp Inc. registered to sell up to $2.5 billion of securities in an S-3 filing with the Securities and Exchange Commission.

Covered by the shelf are debt securities, common stock, preferred stock, depositary shares, warrants, stock purchase units and stock purchase contracts. The shelf also covers preferred securities to be issued by Sovereign Capital Trust V and Sovereign Capital Trust IV, which will be guaranteed by Sovereign Bancorp.

Debt securities, preferred stock, depositary shares and trust preferred securities may be structured as convertibles.

Proceeds will be used for general corporate purposes.

Sovereign Bancorp is the Philadelphia-based parent company of Sovereign Bank, which has banking offices in nine eastern states.

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